COLLECTION LAWS – OREGON (OR)
(1) Pre-Judgment Interest Rate:
In Oregon, the pre-judgment interest rate is determined by statute. According to Oregon Revised Statutes (ORS) §82.010, the pre-judgment interest rate is set at nine percent per annum.
(2) Post-Judgment Interest Rate:
For post-judgment interest, Oregon Revised Statutes (ORS) §82.010 establishes a rate of nine percent per annum. This rate applies to the unpaid judgment balance after the entry of judgment.
(3) Statute of Limitations for Written Contract:
The statute of limitations for a written contract in Oregon is six years. Pursuant to Oregon Revised Statutes (ORS) §12.080, an action must be commenced within six years from the date the cause of action accrues.
(4) Statute of Limitations for Oral Contract:
For oral contracts, Oregon Revised Statutes (ORS) §12.080 also sets a six-year statute of limitations. Similar to written contracts, an action must be initiated within six years from the date the cause of action arises.
(5) Statute of Limitations for Open Account:
The statute of limitations for an open account in Oregon is also six years. As per Oregon Revised Statutes (ORS) §12.080, legal action must be commenced within six years from the date the cause of action accrues.
(6) Statute of Limitations for Contract for Sale of Goods:
In the case of a contract for the sale of goods, Oregon Revised Statutes (ORS) §72.7250 establishes a statute of limitations of four years. The four-year period begins to run from the date of the breach.
(7) Statute of Limitations for Promissory Note:
For promissory notes, Oregon Revised Statutes (ORS) §73.040 sets a statute of limitations of six years. Legal action must be initiated within six years from the date the cause of action arises.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
In Oregon, the statute of limitations for the enforcement of a domestic judgment is ten years. This is outlined in Oregon Revised Statutes (ORS) §12.250.
(9) Statute of Limitations for Enforcement of Foreign Judgment:
The statute of limitations for the enforcement of a foreign judgment in Oregon is 20 years. This is specified under Oregon Revised Statutes (ORS) §24.135.
(10) Garnishment Exemptions:
Oregon has certain exemptions when it comes to garnishment. These exemptions protect certain types of income and property from being garnished. It is essential to refer to Oregon Revised Statutes (ORS) §18.395 to determine the specific exemptions applicable.
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.