COLLECTION LAWS – MINNESOTA (MN)
(1) Pre-Judgment Interest Rate:
The pre-judgment interest rate in Minnesota is governed by Minnesota Statutes Section 549.09. Currently, the pre-judgment interest rate is calculated at the rate equal to the prime rate as reported by the Federal Reserve, plus 4%.
(2) Post-Judgment Interest Rate:
Minnesota Statutes Section 549.09 also regulates the post-judgment interest rate. The post-judgment interest rate is currently set at the rate equal to the prime rate as reported by the Federal Reserve, plus 2%.
(3) Statute of Limitations for Written Contract:
The statute of limitations for a written contract in Minnesota is six years. Under Minnesota Statutes Section 541.05, any action based on a written contract must be commenced within six years from the date the cause of action accrues.
(4) Statute of Limitations for Oral Contract:
For an oral contract, the statute of limitations in Minnesota is also six years. Minnesota Statutes Section 541.05 applies to both written and oral contracts, setting the same time limit for initiating legal action.
(5) Statute of Limitations for Open Account:
The statute of limitations for an open account in Minnesota is six years. According to Minnesota Statutes Section 541.05, the time limit for filing a lawsuit based on an open account is six years from the date the cause of action arises.
(6) Statute of Limitations for Contract for Sale of Goods:
In Minnesota, the statute of limitations for a contract for the sale of goods is four years. This is governed by Minnesota Statutes Section 336.2-725, which establishes a four-year time frame for initiating legal action related to the sale of goods.
(7) Statute of Limitations for Promissory Note:
For a promissory note, the statute of limitations in Minnesota is six years. Minnesota Statutes Section 541.05 sets a six-year time limit for commencing a legal action based on a promissory note.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
The statute of limitations for enforcing a domestic judgment in Minnesota is ten years. Minnesota Statutes Section 548.09 establishes a ten-year period during which a domestic judgment can be enforced.
(9) Statute of Limitations for Enforcement of Foreign Judgment:
Minnesota follows the Uniform Enforcement of Foreign Judgments Act (UEFJA). Under this act, a foreign judgment is enforceable in Minnesota if it is filed within the time allowed in the state where the judgment was originally granted.
(10) Garnishment Exemptions:
Minnesota has specific exemptions for garnishment, protecting certain types of income and property from garnishment. These exemptions include, but are not limited to, social security benefits, unemployment benefits, public assistance, and pensions. It is important to refer to Minnesota Statutes Section 550.37 for a comprehensive list of garnishment exemptions.
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.