COLLECTION LAWS – INDIANA (IN)
(1) Pre-Judgment Interest Rate: In Indiana, the pre-judgment interest rate is determined by the court in its discretion. The court may award interest at a rate agreed upon by the parties or at a rate determined by applicable statutes, case law, or rules of court. Indiana Code 24-4.6-1-101.
(2) Post-Judgment Interest Rate: The post-judgment interest rate in Indiana is set annually by the state’s Department of Financial Institutions. The post-judgment interest rate is 8% per annum. Indiana Code 24-4.6-1-101.
(3) Statute of Limitations for Written Contract: The statute of limitations for filing a lawsuit based on a written contract in Indiana is 10 years. This means that a party has 10 years from the date the cause of action accrues to initiate legal proceedings. Indiana Code 34-11-2-11.
(4) Statute of Limitations for Oral Contract: For oral contracts, the statute of limitations in Indiana is 6 years. The clock starts ticking from the date the cause of action arises. Indiana Code 34-11-2-4.
(5) Statute of Limitations for Open Account: In Indiana, the statute of limitations for filing a lawsuit on an open account, which typically refers to an ongoing credit or charge account, is 6 years. The period begins from the date of the last item of the account. Indiana Code 34-11-2-7.
(6) Statute of Limitations for Contract for Sale of Goods: The statute of limitations for a contract for the sale of goods governed by the Uniform Commercial Code (UCC) in Indiana is 4 years. This applies to contracts involving the sale of goods, such as products or movable items. Indiana Code 26-1-2-725.
(7) Statute of Limitations for Promissory Note: For promissory notes, the statute of limitations in Indiana is 6 years. This means that a party has 6 years from the date the cause of action accrues to file a lawsuit based on a promissory note. Indiana Code 34-11-2-9.
(8) Statute of Limitations for Enforcement of Domestic Judgment: The statute of limitations for enforcing a domestic judgment in Indiana is 20 years. This refers to the time limit within which a judgment creditor can take legal action to collect a judgment that was issued within the state. Indiana Code 34-11-2-12.
(9) Statute of Limitations for Enforcement of Foreign Judgment: Indiana follows the Uniform Enforcement of Foreign Judgments Act (UEFJA) for enforcing foreign judgments. Under the UEFJA, a foreign judgment is generally enforceable in Indiana within 20 years from the date it was entered. Indiana Code 34-54-10-2.
(10) Garnishment Exemptions: Indiana law provides certain exemptions for garnishment, which limits the amount of wages or property that can be seized to satisfy a judgment. Exempted earnings include 75% of disposable weekly income or 30 times the federal minimum hourly wage per week, whichever is greater. Various other exemptions exist for specific types of property. Indiana Code 24-4.5-5-105.
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.