COLLECTION LAWS – GEORGIA (GA)
(1) Pre-Judgment Interest Rate:
In the state of Georgia, the pre-judgment interest rate is determined by O.C.G.A. § 7-4-12. According to this statute, the pre-judgment interest rate is 7 percent per annum.
(2) Post-Judgment Interest Rate:
The post-judgment interest rate in Georgia is governed by O.C.G.A. § 7-4-2. This statute establishes that the post-judgment interest rate is currently 12 percent per annum.
(3) Statute of Limitations for Written Contract:
The statute of limitations for a written contract in Georgia is generally six years, as specified in O.C.G.A. § 9-3-24. This means that a legal action to enforce a written contract must be initiated within six years from the date the cause of action accrues.
(4) Statute of Limitations for Oral Contract:
For an oral contract, Georgia follows a statute of limitations of four years, as outlined in O.C.G.A. § 9-3-26. This means that a lawsuit to enforce an oral contract must be filed within four years from the date the cause of action arises.
(5) Statute of Limitations for Open Account:
In Georgia, the statute of limitations for an open account is four years, as stated in O.C.G.A. § 9-3-25. An open account refers to an account where a debtor purchases goods or services on an ongoing basis and makes periodic payments.
(6) Statute of Limitations for Contract for Sale of Goods:
For contracts involving the sale of goods, Georgia follows the statute of limitations provided by O.C.G.A. § 11-2-725. This statute establishes a four-year time limit to bring an action for breach of contract related to the sale of goods.
(7) Statute of Limitations for Promissory Note:
The statute of limitations for a promissory note in Georgia is generally six years, as prescribed by O.C.G.A. § 9-3-24. This means that a legal action to enforce a promissory note must be initiated within six years from the date the cause of action accrues.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
Regarding the enforcement of a domestic judgment in Georgia, the statute of limitations is five years, as detailed in O.C.G.A. § 9-12-60. This means that a judgment creditor has five years to initiate enforcement proceedings from the date the judgment becomes final.
(9) Statute of Limitations for Enforcement of Foreign Judgment:
The statute of limitations for the enforcement of a foreign judgment in Georgia is generally five years, in accordance with O.C.G.A. § 9-12-60. This statute applies to judgments obtained outside of Georgia but within the United States.
(10) Garnishment Exemptions:
Georgia law provides certain exemptions for garnishment. These exemptions are governed by O.C.G.A. § 18-4-20 and include exemptions for various types of income, such as social security benefits, workers’ compensation, unemployment compensation, and certain retirement benefits. Other exemptions may apply based on individual circumstances.
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.