COLLECTION LAWS – NORTH DAKOTA (ND)
(1) Pre-Judgment Interest Rate: In North Dakota, the pre-judgment interest rate is governed by North Dakota Century Code Section 47-14-05. This statute establishes that the pre-judgment interest rate is 6% per year, except in cases involving a written contract that specifies a different rate.
(2) Post-Judgment Interest Rate: The post-judgment interest rate in North Dakota is outlined in North Dakota Century Code Section 28-20-34. According to this statute, the post-judgment interest rate is equal to the weekly average one-year constant maturity Treasury yield, plus 3%. The North Dakota Department of Financial Institutions determines the weekly average one-year constant maturity Treasury yield.
(3) Statute of Limitations for Written Contract: North Dakota has a statute of limitations of six years for written contracts. This is specified in North Dakota Century Code Section 28-01-16. It means that a legal action must be initiated within six years from the date the cause of action accrues.
(4) Statute of Limitations for Oral Contract: The statute of limitations for oral contracts in North Dakota is also six years, as per North Dakota Century Code Section 28-01-16. Similar to written contracts, the six-year time frame starts from the date the cause of action arises.
(5) Statute of Limitations for Open Account: North Dakota Century Code Section 28-01-16 establishes a six-year statute of limitations for actions on open accounts. The clock begins to run from the date the cause of action accrues.
(6) Statute of Limitations for Contract for Sale of Goods: North Dakota applies the Uniform Commercial Code (UCC) for contracts involving the sale of goods. Under UCC Section 41-02-725, the statute of limitations for actions related to the sale of goods is four years. This time frame starts from the date the cause of action accrues.
(7) Statute of Limitations for Promissory Note: For actions concerning promissory notes, North Dakota follows a six-year statute of limitations, according to North Dakota Century Code Section 28-01-16. The six-year period begins from the date the cause of action arises.
(8) Statute of Limitations for Enforcement of Domestic Judgment: North Dakota Century Code Section 28-20-21 establishes a ten-year statute of limitations for the enforcement of domestic judgments in North Dakota. The ten-year period starts from the date the judgment is entered.
(9) Statute of Limitations for Enforcement of Foreign Judgment: North Dakota Century Code Section 28-20-22 specifies that the statute of limitations for the enforcement of foreign judgments in North Dakota is ten years. The ten-year time frame starts from the date the foreign judgment is entered.
(10) Garnishment Exemptions: North Dakota allows certain exemptions from garnishment. The North Dakota Century Code Section 32-09-36 lists various exemptions, including but not limited to a head of household exemption, exemptions for certain wages and earnings, and exemptions for specific property such as personal clothing, family pictures, and household goods.
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.