COLLECTION LAWS – MISSOURI (MO)
(1) Pre-Judgment Interest Rate: In Missouri, the pre-judgment interest rate is determined by the court based on the circumstances of the case. There is no specific statutory provision governing the pre-judgment interest rate.
(2) Post-Judgment Interest Rate: The post-judgment interest rate in Missouri is set at the statutory rate of 9% per annum. This is established by Missouri Revised Statutes Section 408.040.
(3) Statute of Limitations for Written Contract: The statute of limitations for a written contract in Missouri is generally ten years. This is outlined in Missouri Revised Statutes Section 516.110.
(4) Statute of Limitations for Oral Contract: For oral contracts, the statute of limitations in Missouri is five years. This is specified in Missouri Revised Statutes Section 516.120.
(5) Statute of Limitations for Open Account: The statute of limitations for an open account, which includes credit card debt and other similar debts, is five years in Missouri. This can be found in Missouri Revised Statutes Section 516.120.
(6) Statute of Limitations for Contract for Sale of Goods: In Missouri, the statute of limitations for a contract for the sale of goods is generally four years. This is stated in Missouri Revised Statutes Section 400.2-725.
(7) Statute of Limitations for Promissory Note: The statute of limitations for a promissory note in Missouri is generally ten years. This is established by Missouri Revised Statutes Section 516.110.
(8) Statute of Limitations for Enforcement of Domestic Judgment: The statute of limitations for the enforcement of a domestic judgment in Missouri is ten years. This can be found in Missouri Revised Statutes Section 516.110.
(9) Statute of Limitations for Enforcement of Foreign Judgment: Missouri follows the Uniform Enforcement of Foreign Judgments Act, which provides that a foreign judgment may be enforced within ten years from the date of its entry. This is outlined in Missouri Revised Statutes Section 511.770.
(10) Garnishment Exemptions: Missouri law provides various exemptions from garnishment, protecting certain types of income and property from being seized to satisfy a debt. Exemptions include but are not limited to a portion of the debtor’s wages, certain public benefits, retirement accounts, and certain personal property. The specific exemptions are detailed in Missouri Revised Statutes Section 525.010 to 525.330.
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.