COLLECTION LAWS – ARIZONA (AZ)
(1) Pre-Judgment Interest Rate:
The pre-judgment interest rate in Arizona is governed by Arizona Revised Statutes (A.R.S.) § 44-1201. According to this statute, the legal rate of interest for pre-judgment interest is 10% per annum.
(2) Post-Judgment Interest Rate:
The post-judgment interest rate in Arizona is outlined in A.R.S. § 44-1201. It states that the legal rate of interest for post-judgment interest is equal to the weekly average 1-year constant maturity Treasury yield, as published by the Board of Governors of the Federal Reserve System, for the calendar week preceding the date of judgment, plus 2%.
(3) Statute of Limitations for Written Contract:
The statute of limitations for a written contract in Arizona is 6 years. Pursuant to A.R.S. § 12-548, any action to enforce a written contract must be commenced within 6 years from the date the cause of action accrues.
(4) Statute of Limitations for Oral Contract:
For an oral contract, the statute of limitations in Arizona is also 6 years, as stated in A.R.S. § 12-548.
(5) Statute of Limitations for Open Account:
The statute of limitations for an open account in Arizona is 3 years. A.R.S. § 12-543 establishes that any action for an open account must be initiated within 3 years from the date the cause of action accrues.
(6) Statute of Limitations for Contract for Sale of Goods:
In Arizona, the statute of limitations for a contract for the sale of goods is 4 years. This is governed by A.R.S. § 47-2725, which states that any action for breach of a contract for the sale of goods must be commenced within 4 years after the cause of action accrues.
(7) Statute of Limitations for Promissory Note:
For a promissory note, the statute of limitations in Arizona is 6 years. A.R.S. § 47-3602 establishes that any action on a promissory note must be initiated within 6 years from the date the cause of action accrues.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
The statute of limitations for the enforcement of a domestic judgment in Arizona is 5 years. Pursuant to A.R.S. § 12-1551, a judgment may be enforced within 5 years from the date of entry.
(9) Statute of Limitations for Enforcement of Foreign Judgment:
Regarding the enforcement of a foreign judgment, Arizona follows the Uniform Enforcement of Foreign Judgments Act (UEFJA). Under A.R.S. § 12-1701 et seq., a foreign judgment may be enforced within the same time limits as a judgment issued in Arizona.
(10) Garnishment Exemptions:
Arizona law provides various exemptions for garnishment. Some common exemptions include a certain amount of wages and earnings, public assistance benefits, retirement benefits, and certain personal property. Specific exemption amounts and categories can be found in A.R.S. § 33-1126.
Disclaimer: Please note that the presented content is an outline of legal regulations, serving as a general overview rather than an exhaustive representation of comprehensive statutes. It is crucial to recognize that this outline does not constitute “legal advice.” Moreover, it is important to acknowledge that subsequent changes to the listed statutes may occur subsequent to this publication. It is recommended to consult an attorney in the jurisdiction to confirm the information is up-to-date and accurate.