COLLECTION LAWS – NORTH CAROLINA (NC)
(1) Pre-Judgment Interest Rate: In North Carolina, the pre-judgment interest rate is governed by Section 24-5 of the North Carolina General Statutes. According to this statute, the pre-judgment interest rate is 8% per annum.
(2) Post-Judgment Interest Rate: Post-judgment interest rates in North Carolina are determined by Section 24-1 of the North Carolina General Statutes. Currently, the post-judgment interest rate is set at 8% per annum.
(3) Statute of Limitations for Written Contract: The statute of limitations for filing a lawsuit based on a written contract in North Carolina is outlined in Section 1-52 of the North Carolina General Statutes. According to this statute, the statute of limitations for a written contract is generally three years.
(4) Statute of Limitations for Oral Contract: The statute of limitations for filing a lawsuit based on an oral contract in North Carolina is also provided in Section 1-52 of the North Carolina General Statutes. In the case of an oral contract, the statute of limitations is generally three years.
(5) Statute of Limitations for Open Account: North Carolina’s statute of limitations for filing a lawsuit related to an open account is specified in Section 1-56 of the North Carolina General Statutes. According to this statute, the statute of limitations for an open account is typically three years.
(6) Statute of Limitations for Contract for Sale of Goods: The statute of limitations for filing a lawsuit based on a contract for the sale of goods in North Carolina is governed by Section 25-2-725 of the North Carolina General Statutes. According to this statute, the statute of limitations for a contract for the sale of goods is generally four years.
(7) Statute of Limitations for Promissory Note: The statute of limitations for filing a lawsuit based on a promissory note in North Carolina is outlined in Section 25-3-118 of the North Carolina General Statutes. As per this statute, the statute of limitations for a promissory note is typically five years.
(8) Statute of Limitations for Enforcement of Domestic Judgment: The statute of limitations for enforcing a domestic judgment in North Carolina is provided in Section 1-52.3 of the North Carolina General Statutes. According to this statute, a domestic judgment can generally be enforced within ten years from the date of its entry.
(9) Statute of Limitations for Enforcement of Foreign Judgment: The statute of limitations for enforcing a foreign judgment in North Carolina is outlined in Section 1C-1706 of the North Carolina General Statutes. According to this statute, a foreign judgment can generally be enforced within ten years from the date it becomes enforceable in the state.
(10) Garnishment Exemptions: The specific exemptions from garnishment in North Carolina are detailed in Section 1C-1601 of the North Carolina General Statutes. This statute outlines various categories of property and income that are exempt from garnishment, including certain types of earnings, government benefits, and retirement benefits.
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.