COLLECTION LAWS – MISSISSIPPI (MS)
(1) Pre-Judgment Interest Rate: In Mississippi, the pre-judgment interest rate is determined by Mississippi Code Annotated section 75-17-1. The current statutory rate is 8% per year.
(2) Post-Judgment Interest Rate: The post-judgment interest rate in Mississippi is set by Mississippi Code Annotated section 75-17-7. The current rate is the variable federal post-judgment interest rate, which is based on the weekly average 1-year constant maturity Treasury yield published by the Board of Governors of the Federal Reserve System.
(3) Statute of Limitations for Written Contract: According to Mississippi Code Annotated section 15-1-49, the statute of limitations for written contracts in Mississippi is three years. This means that a lawsuit to enforce a written contract must be filed within three years from the date the cause of action accrued.
(4) Statute of Limitations for Oral Contract: For oral contracts, Mississippi has a statute of limitations of three years as well, as stated in Mississippi Code Annotated section 15-1-49.
(5) Statute of Limitations for Open Account: The statute of limitations for actions on open accounts, which includes credit card debt, is also three years under Mississippi Code Annotated section 15-1-49.
(6) Statute of Limitations for Contract for Sale of Goods: For contracts related to the sale of goods, Mississippi follows the Uniform Commercial Code (UCC) as codified in Mississippi Code Annotated section 75-2-725. Under the UCC, the statute of limitations is four years from the date of the breach of contract or the delivery of the goods, whichever comes later.
(7) Statute of Limitations for Promissory Note: The statute of limitations for enforcing a promissory note in Mississippi is three years, as provided by Mississippi Code Annotated section 15-1-49.
(8) Statute of Limitations for Enforcement of Domestic Judgment: According to Mississippi Code Annotated section 15-1-43, the statute of limitations for the enforcement of a domestic judgment in Mississippi is seven years.
(9) Statute of Limitations for Enforcement of Foreign Judgment: Mississippi Code Annotated section 15-1-35 outlines the statute of limitations for the enforcement of foreign judgments in Mississippi. It specifies that a foreign judgment is enforceable in Mississippi within the same time limits as judgments issued within the state.
(10) Garnishment Exemptions: Mississippi Code Annotated section 85-3-1 provides exemptions from garnishment in Mississippi. Some of the protected assets include certain types of earnings, social security benefits, public assistance benefits, retirement accounts, and life insurance proceeds, among others.
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.