State by State Resources

State Collection Law Summary Compiled by CLLA Staff

MAINE1

Interest Rate
Legal: 8%
Judgment: 15% annual (less than $30,000)
T-Bill rate over $30,000

Statute of Limitations
Open Acct: 6
Written Contract: 6+20(domestic attestation)
Domestic Judgment: 20
Foreign Judgment: 20

MAINE2

Interest Rate
Legal: 6%
Judgment: 10% or contractual

Statute of Limitations
Open Acct: 6
UCC: 4Specialty: 12(contract under seal)
Written Contract: 3
Domestic Judgment: 12
Foreign Judgment: 12

MASSACHUSETTS

Interest Rate
Legal: 6%
Judgment: 12
Contract: 12%

Statute of Limitations
Open Acct on Contract: 6
Domestic Judgment: 20 (presumed satisfied after 20 years)
Foreign Judgment: 20
Contract Under Seal: 20

MICHIGAN

Interest Rate
Legal: 5%
Judgment: 6,953 changes semi-annually
Usuary Limit: 25%

Statute of Limitations
Open Acct: 6
Written Contract: 6
Sales(UCC) Contract: 4
Domestic Judgment: 10(renewable)
Foreign Judgment: 10

MINNESOTA

Interest Rate
Legal: 6%
Judgment: 5% (changes yearly) Business or Agricultural Loan: 4 1/2%
over federal discount rate

Statute of Limitations
Goods Sold and Delivered (UCC): 4
Open Acct: 6
Written Contract: 6
Transportation Service: 3
Domestic Judgment: 10
Foreign Judgment: 10