COLLECTION LAWS – ARKANSAS (AR)
(1) Pre-Judgment Interest Rate: In Arkansas, the pre-judgment interest rate is governed by Arkansas Code Annotated § 16-65-116. According to this statute, the pre-judgment interest rate is equal to the post-judgment interest rate in effect on the date the judgment is entered.
(2) Post-Judgment Interest Rate: The post-judgment interest rate in Arkansas is regulated by Arkansas Code Annotated § 16-65-116. Currently, the post-judgment interest rate is set at 6% per annum.
(3) Statute of Limitations for Written Contract: The statute of limitations for a written contract in Arkansas is five years. Pursuant to Arkansas Code Annotated § 16-56-111, any action on a written contract must be commenced within five years from the date the cause of action accrues.
(4) Statute of Limitations for Oral Contract: For an oral contract in Arkansas, the statute of limitations is three years. As per Arkansas Code Annotated § 16-56-105, any action based on an oral contract must be initiated within three years from the date the cause of action arises.
(5) Statute of Limitations for Open Account: The statute of limitations for an open account in Arkansas is three years. According to Arkansas Code Annotated § 16-56-106, any action relating to an open account must be filed within three years from the date the cause of action accrues.
(6) Statute of Limitations for Contract for Sale of Goods: The statute of limitations for a contract for the sale of goods in Arkansas is four years. Under Arkansas Code Annotated § 4-2-725, any action for breach of a contract for the sale of goods must be commenced within four years after the cause of action accrues.
(7) Statute of Limitations for Promissory Note: In Arkansas, the statute of limitations for a promissory note is six years. Pursuant to Arkansas Code Annotated § 16-56-111, any action on a promissory note must be initiated within six years from the date the cause of action arises.
(8) Statute of Limitations for Enforcement of Domestic Judgment: The statute of limitations for enforcing a domestic judgment in Arkansas is ten years. As per Arkansas Code Annotated § 16-56-104, a domestic judgment must be enforced within ten years from the date it becomes final.
(9) Statute of Limitations for Enforcement of Foreign Judgment: The statute of limitations for enforcing a foreign judgment in Arkansas is ten years. Arkansas Code Annotated § 16-46-108 outlines that a foreign judgment must be enforced within ten years from the date it is entered.
(10) Garnishment Exemptions: Arkansas has various exemptions that protect certain types of property from garnishment. These exemptions are outlined in Arkansas Code Annotated § 16-66-218 and include exemptions for wages, pensions, public benefits, and personal property such as clothing, household goods, and tools of trade.
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.