COLLECTION LAWS – OKLAHOMA (OK)
(1) Pre-Judgment Interest Rate: The pre-judgment interest rate in Oklahoma is set at 6% per annum. This rate is applicable to the period from the date the cause of action arises until the entry of judgment. [Okla. Stat. tit. 12, § 727]
(2) Post-Judgment Interest Rate: For post-judgment interest in Oklahoma, the rate is determined by the U.S. Treasury Bill rate plus 2% per annum. The rate is calculated annually and may change. [Okla. Stat. tit. 12, § 727]
(3) Statute of Limitations for Written Contract: In Oklahoma, the statute of limitations for written contracts is five years. This means that a legal action must be initiated within five years from the date the cause of action arises. [Okla. Stat. tit. 12, § 95(A)(3)]
(4) Statute of Limitations for Oral Contract: The statute of limitations for oral contracts in Oklahoma is three years. Legal action must be commenced within three years from the date the cause of action arises. [Okla. Stat. tit. 12, § 95(A)(3)]
(5) Statute of Limitations for Open Account: For open accounts, the statute of limitations in Oklahoma is three years. The three-year period begins from the date of the last item on the account. [Okla. Stat. tit. 12, § 95(A)(4)]
(6) Statute of Limitations for Contract for Sale of Goods: Oklahoma adopts the Uniform Commercial Code (UCC) regarding the sale of goods. Under the UCC, the statute of limitations for contracts for the sale of goods is four years. Legal action must be initiated within four years from the date the cause of action arises. [Okla. Stat. tit. 12A, § 2-725]
(7) Statute of Limitations for Promissory Note: The statute of limitations for promissory notes in Oklahoma is five years. Legal action must be commenced within five years from the date the cause of action arises. [Okla. Stat. tit. 12, § 95(A)(2)]
(8) Statute of Limitations for Enforcement of Domestic Judgment: In Oklahoma, the statute of limitations for the enforcement of a domestic judgment is five years. This means that a judgment creditor has five years from the date the judgment becomes final to enforce it. [Okla. Stat. tit. 12, § 735]
(9) Statute of Limitations for Enforcement of Foreign Judgment: The statute of limitations for the enforcement of a foreign judgment in Oklahoma is five years. The five-year period starts from the date the foreign judgment is filed with the clerk of a district court in Oklahoma. [Okla. Stat. tit. 12, § 727.1]
(10) Garnishment Exemptions: Oklahoma provides certain exemptions from garnishment, protecting certain types of income and property from being seized. Some common exemptions include a certain amount of earnings, retirement benefits, and public assistance benefits. However, it is important to consult the specific statutes and seek legal advice to determine the full extent of garnishment exemptions. [Okla. Stat. tit. 31, § 1 et seq.]
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.