COLLECTION LAWS – MONTANA (MT)
(1) Pre-Judgment Interest Rate:
Montana does not have a specific statutory provision for pre-judgment interest rates. In the absence of a specific statute, the court has discretion in determining the rate of pre-judgment interest.
(2) Post-Judgment Interest Rate:
According to Montana Code Annotated §25-9-204, the post-judgment interest rate in Montana is calculated at the rate equal to 10% per annum.
(3) Statute of Limitations for Written Contract:
The statute of limitations for a written contract in Montana is 8 years. As per Montana Code Annotated §27-2-202, any action based on a written contract must be filed within 8 years from the date the cause of action accrues.
(4) Statute of Limitations for Oral Contract:
Montana has a 5-year statute of limitations for an oral contract. According to Montana Code Annotated §27-2-202, any action based on an oral contract must be commenced within 5 years from the date the cause of action arises.
(5) Statute of Limitations for Open Account:
The statute of limitations for an open account in Montana is 5 years. Pursuant to Montana Code Annotated §27-2-202, an action on an open account must be brought within 5 years from the date the cause of action accrues.
(6) Statute of Limitations for Contract for Sale of Goods:
For contracts for the sale of goods, Montana follows the Uniform Commercial Code (UCC). Under the UCC, the statute of limitations for a contract for the sale of goods is 4 years. As per Montana Code Annotated §27-2A-506, any action for breach of a contract for the sale of goods must be commenced within 4 years after the cause of action accrues.
(7) Statute of Limitations for Promissory Note:
In Montana, the statute of limitations for a promissory note is 8 years. Pursuant to Montana Code Annotated §27-2-202, any action based on a promissory note must be brought within 8 years from the date the cause of action arises.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
The statute of limitations for the enforcement of a domestic judgment in Montana is 10 years. According to Montana Code Annotated §25-9-203, a domestic judgment must be enforced within 10 years from the date the judgment is entered.
(9) Statute of Limitations for Enforcement of Foreign Judgment:
Montana follows the Uniform Enforcement of Foreign Judgments Act (UEFJA). Under the UEFJA, a foreign judgment is generally enforceable in Montana for a period of 10 years from the date the judgment is entered in the foreign jurisdiction.
(10) Garnishment Exemptions:
Montana has certain exemptions in place to protect certain types of income from garnishment. These exemptions include, but are not limited to, social security benefits, unemployment compensation, veterans’ benefits, workers’ compensation benefits, and certain public assistance benefits. The specific details and limitations of garnishment exemptions can be found in Montana Code Annotated §25-13-608.
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.