COLLECTION LAWS – LOUISIANA (LA)
(1) Pre-Judgment Interest Rate: In Louisiana, the pre-judgment interest rate is governed by Louisiana Revised Statutes Section 13:4202. It specifies that the interest rate on pre-judgment interest is set at the rate determined by the secretary of the Department of the Treasury, based on the average prime rate charged by commercial banks to business enterprises as of January 1st and July 1st of each year.
(2) Post-Judgment Interest Rate: According to Louisiana Revised Statutes Section 13:4202, the post-judgment interest rate in Louisiana is set at the same rate as the pre-judgment interest rate, which is determined by the secretary of the Department of the Treasury based on the average prime rate charged by commercial banks to business enterprises.
(3) Statute of Limitations for Written Contract: Louisiana Revised Statutes Section 10:3-118 sets the statute of limitations for written contracts in Louisiana at ten years. This means that a party has ten years from the date the cause of action accrues to file a lawsuit to enforce a written contract.
(4) Statute of Limitations for Oral Contract: The statute of limitations for oral contracts in Louisiana is governed by Louisiana Revised Statutes Section 10:3-118. It specifies that the statute of limitations for oral contracts is ten years, similar to the statute of limitations for written contracts.
(5) Statute of Limitations for Open Account: Louisiana Revised Statutes Section 10:3-118 establishes a three-year statute of limitations for actions on open accounts. This means that a party has three years from the date the cause of action accrues to file a lawsuit to enforce an open account.
(6) Statute of Limitations for Contract for Sale of Goods: In Louisiana, the statute of limitations for contracts for the sale of goods is governed by Louisiana Revised Statutes Section 10:2-725. It states that the statute of limitations for contracts for the sale of goods is four years from the date the cause of action accrues.
(7) Statute of Limitations for Promissory Note: Louisiana Revised Statutes Section 10:3-118 establishes a five-year statute of limitations for actions on promissory notes. This means that a party has five years from the date the cause of action accrues to file a lawsuit to enforce a promissory note.
(8) Statute of Limitations for Enforcement of Domestic Judgment: Louisiana Revised Statutes Section 13:4203 governs the statute of limitations for the enforcement of domestic judgments. It specifies that a domestic judgment in Louisiana may be enforced for ten years from the date it becomes final.
(9) Statute of Limitations for Enforcement of Foreign Judgment: The statute of limitations for the enforcement of foreign judgments in Louisiana is governed by Louisiana Revised Statutes Section 13:4204. It states that a foreign judgment may be enforced in Louisiana within ten years from the date it is rendered.
(10) Garnishment Exemptions: Louisiana law provides certain exemptions from garnishment. These exemptions are outlined in Louisiana Code of Civil Procedure Article 2291. Some common exemptions include wages, social security benefits, unemployment compensation, workers’ compensation, and certain 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.