COLLECTION LAWS – COLORADO (CO)
(1) Pre-Judgment Interest Rate: The pre-judgment interest rate in Colorado is determined by Colorado Revised Statutes § 5-12-102. The statutory rate is set at the annual rate of 8% and accrues from the date the cause of action arose until the date of judgment.
(2) Post-Judgment Interest Rate: According to Colorado Revised Statutes § 5-12-102, the post-judgment interest rate is calculated at the rate specified by the Chief Judge of the Supreme Court. The post-judgment interest rate was 8%.
(3) Statute of Limitations for Written Contract: The statute of limitations for a written contract in Colorado is three years, as outlined in Colorado Revised Statutes § 13-80-101. Legal action to enforce the terms of a written contract must be initiated within three years from the date the cause of action accrues.
(4) Statute of Limitations for Oral Contract: For oral contracts, the statute of limitations in Colorado is three years, based on Colorado Revised Statutes § 13-80-101. Legal action to enforce an oral contract must commence 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 Colorado is six years, as stated in Colorado Revised Statutes § 13-80-103. Legal action to collect a debt on an open account must be initiated within six 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 Colorado is four years, in accordance with Colorado Revised Statutes § 4-2-725. Legal action related to the sale of goods must be filed within four years from the date of the breach.
(7) Statute of Limitations for Promissory Note: In Colorado, the statute of limitations for a promissory note is six years, as established by Colorado Revised Statutes § 13-80-103. Legal action to enforce a promissory note must be commenced 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 the enforcement of a domestic judgment in Colorado is twenty years, as per Colorado Revised Statutes § 13-52-102. A judgment creditor has up to twenty years from the date the judgment was entered to take action to enforce it.
(9) Statute of Limitations for Enforcement of Foreign Judgment: Colorado Revised Statutes § 13-53-102 establishes that the statute of limitations for the enforcement of a foreign judgment in Colorado is ten years. Legal action to enforce a foreign judgment must be initiated within ten years from the date the judgment was entered.
(10) Garnishment Exemptions: Colorado Revised Statutes § 13-54-102 provides exemptions to garnishment. Certain types of income, such as Social Security benefits, unemployment compensation, and workers’ compensation benefits, may be exempt from garnishment. Additionally, the law protects a portion of an individual’s earnings from garnishment, depending on their income level.
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.