State by State Resources
State Collection Law Summary Compiled by CLLA Staff
M
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

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1201 West Peachtree Street, Suite 2300, Atlanta, GA 30309
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