COLLECTION LAWS – DELAWARE (DE)
(1) Pre-Judgment Interest Rate:
The pre-judgment interest rate in Delaware is governed by Delaware Code Title 6, Section 2301. According to this statute, the legal rate of interest on judgments is set at the Federal Reserve discount rate, plus 5%, compounded annually.
(2) Post-Judgment Interest Rate:
The post-judgment interest rate in Delaware is determined by Delaware Code Title 6, Section 2301. It states that the rate of interest on judgments is the annual rate established by the Secretary of the Treasury under Section 6621(a)(2) of the Internal Revenue Code.
(3) Statute of Limitations for Written Contract:
In Delaware, the statute of limitations for actions based on a written contract is three years. This is outlined in Delaware Code Title 10, Section 8106.
(4) Statute of Limitations for Oral Contract:
For actions based on an oral contract, Delaware Code Title 10, Section 8107 establishes a three-year statute of limitations.
(5) Statute of Limitations for Open Account:
The statute of limitations for actions based on an open account is three years, as stated in Delaware Code Title 10, Section 8107.
(6) Statute of Limitations for Contract for Sale of Goods:
For actions based on a contract for the sale of goods, Delaware Code Title 6, Section 2-725 sets a statute of limitations of four years.
(7) Statute of Limitations for Promissory Note:
Delaware Code Title 10, Section 8106 establishes a six-year statute of limitations for actions based on a promissory note.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
The statute of limitations for the enforcement of a domestic judgment in Delaware is five years, as provided by Delaware Code Title 10, Section 5072.
(9) Statute of Limitations for Enforcement of Foreign Judgment:
Delaware Code Title 10, Section 4907 states that a foreign judgment may be enforced within 20 years from the date of the judgment.
(10) Garnishment Exemptions:
Delaware Code Title 10, Section 4904 provides exemptions for certain types of income from garnishment. These exemptions include, but are not limited to, social security benefits, disability benefits, unemployment benefits, and certain pension and retirement benefits.
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.