COLLECTION LAWS – IDAHO (ID)
1. Pre-Judgment Interest Rate: In Idaho, the pre-judgment interest rate is determined by Idaho Code Section 28-22-104. According to this statute, the interest rate on pre-judgment damages is set at the lesser of 12% per year or the rate specified in the contract, agreement, or obligation that gave rise to the claim.
2. Post-Judgment Interest Rate: Post-judgment interest in Idaho is governed by Idaho Code Section 28-22-104. The statute establishes the post-judgment interest rate at the rate of 1% above the weekly average prime rate quoted by the Federal Reserve Board during the preceding year. The post-judgment interest rate may not exceed 12% per year.
3. Statute of Limitations for Written Contract: The statute of limitations for a written contract in Idaho is outlined in Idaho Code Section 5-216. According to this statute, the statute of limitations for enforcing a written contract is five years from the date the cause of action accrues.
4. Statute of Limitations for Oral Contract: Idaho Code Section 5-216 also applies to oral contracts. Therefore, the statute of limitations for enforcing an oral contract in Idaho is five years from the date the cause of action accrues.
5. Statute of Limitations for Open Account: An open account refers to an account where goods, services, or credit are provided without a fixed maturity date. In Idaho, the statute of limitations for an open account is governed by Idaho Code Section 5-216. The statute sets the limitation period for bringing an action on an open account at five 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 Idaho is established in Idaho Code Section 28-2-725. According to this statute, the limitation period for enforcing a contract for the sale of goods is four years from the date the cause of action accrues.
7. Statute of Limitations for Promissory Note: The statute of limitations for enforcing a promissory note in Idaho is also governed by Idaho Code Section 28-2-725. Consequently, the limitation period for bringing an action on a promissory note is four years from the date the cause of action accrues.
8. Statute of Limitations for Enforcement of Domestic Judgment: In Idaho, the statute of limitations for enforcing a domestic judgment is outlined in Idaho Code Section 11-506. According to this statute, a judgment creditor has five years from the date of entry of the judgment to enforce it.
9. Statute of Limitations for Enforcement of Foreign Judgment: The statute of limitations for enforcing a foreign judgment in Idaho is established by Idaho Code Section 10-1313. According to this statute, a foreign judgment can be enforced in Idaho within the earlier of ten years from the date of its entry or the period allowed in the foreign jurisdiction.
10. Garnishment Exemptions: Garnishment exemptions refer to certain assets or income that are protected from being seized or garnished by creditors. In Idaho, garnishment exemptions are covered by Idaho Code Section 11-603. The statute provides various exemptions, including but not limited to a portion of the debtor’s wages, retirement benefits, public assistance, and certain personal property.
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.