COLLECTION LAWS – NEBRASKA (NE)
(1) Pre-Judgment Interest Rate:
Nebraska follows the statutory rate for pre-judgment interest. According to Nebraska Revised Statutes (NRS) Section 45-104.02, the pre-judgment interest rate is the average prime rate of interest, as determined by the Nebraska Department of Banking and Finance, plus one percentage point.
(2) Post-Judgment Interest Rate:
For post-judgment interest, Nebraska adheres to the statutory rate as well. Pursuant to NRS Section 45-104.03, the post-judgment interest rate is the average prime rate of interest, as determined by the Nebraska Department of Banking and Finance, plus two percentage points.
(3) Statute of Limitations for Written Contract:
The statute of limitations for bringing a legal action based on a written contract in Nebraska is five years. This limitation is stated in NRS Section 25-205.
(4) Statute of Limitations for Oral Contract:
In Nebraska, the statute of limitations for pursuing a legal action based on an oral contract is four years. This limitation can be found in NRS Section 25-206.
(5) Statute of Limitations for Open Account:
For claims related to open accounts, the statute of limitations in Nebraska is four years. This provision is outlined in NRS Section 25-206.
(6) Statute of Limitations for Contract for Sale of Goods:
Nebraska follows the Uniform Commercial Code (UCC) regarding contracts for the sale of goods. Under the UCC, the statute of limitations for actions concerning the sale of goods is four years. This provision can be found in NRS Section 2-725.
(7) Statute of Limitations for Promissory Note:
The statute of limitations for bringing an action based on a promissory note in Nebraska is five years. This limitation is stated in NRS Section 25-205.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
Nebraska imposes a five-year statute of limitations for enforcing a domestic judgment. This limitation can be found in NRS Section 25-213.
(9) Statute of Limitations for Enforcement of Foreign Judgment:
Regarding the enforcement of foreign judgments, Nebraska applies a period of five years. This provision is outlined in NRS Section 25-322.
(10) Garnishment Exemptions:
Nebraska law provides certain exemptions for garnishment proceedings. Some exemptions include a head of household exemption, which protects a certain amount of wages from garnishment, and exemptions for certain types of income such as Social Security benefits and public assistance. The specific details of garnishment exemptions can be found in NRS Chapter 25, Article 15.
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.