COLLECTION LAWS – OHIO (OH)
(1) Pre-Judgment Interest Rate:
Ohio Revised Code Section 1343.03 establishes the pre-judgment interest rate in Ohio. As of the current information available, the pre-judgment interest rate is set at the prime rate plus 3%.
(2) Post-Judgment Interest Rate:
According to Ohio Revised Code Section 1343.03, the post-judgment interest rate is subject to change and is typically set annually by the Ohio Tax Commissioner. As of the current information available, the post-judgment interest rate is the prime rate plus 3%.
(3) Statute of Limitations for Written Contract:
The statute of limitations for filing a lawsuit based on a written contract in Ohio is governed by Ohio Revised Code Section 2305.06. According to this statute, the time limit for filing a lawsuit for breach of a written contract is 8 years from the date the cause of action accrued.
(4) Statute of Limitations for Oral Contract:
Ohio Revised Code Section 2305.07 establishes the statute of limitations for oral contracts in Ohio. It states that the time limit for filing a lawsuit based on an oral contract is 6 years from the date the cause of action accrued.
(5) Statute of Limitations for Open Account:
The statute of limitations for an action on an open account in Ohio is set by Ohio Revised Code Section 2305.07. According to this statute, the time limit for filing a lawsuit for an open account is 6 years from the date the cause of action accrued.
(6) Statute of Limitations for Contract for Sale of Goods:
For contracts for the sale of goods, Ohio Revised Code Section 1302.98 governs the statute of limitations. Under this statute, the time limit for filing a lawsuit for breach of contract for the sale of goods is 4 years from the date the cause of action accrued.
(7) Statute of Limitations for Promissory Note:
Ohio Revised Code Section 1303.16 establishes the statute of limitations for promissory notes in Ohio. According to this statute, the time limit for filing a lawsuit on a promissory note is 6 years from the date the cause of action accrued.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
Ohio Revised Code Section 2329.07 states that a judgment in Ohio remains enforceable for a period of five years from the date it was rendered, provided it has not been renewed. However, the judgment can be renewed for additional five-year periods.
(9) Statute of Limitations for Enforcement of Foreign Judgment:
The statute of limitations for enforcing a foreign judgment in Ohio is generally five years, as stated in Ohio Revised Code Section 2329.07. This means that a foreign judgment must be filed for enforcement within five years from the date it was rendered.
(10) Garnishment Exemptions:
Ohio law provides various exemptions from garnishment under Ohio Revised Code Section 2716.11. Exemptions include, but are not limited to, certain government benefits, such as Social Security, unemployment compensation, and veterans’ benefits, as well as a portion of the debtor’s earnings based on a sliding scale determined by federal and state law.
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.