COLLECTION LAWS – RHODE ISLAND (RI)
1. Pre-Judgment Interest Rate:
Rhode Island follows the provisions of Title 9, Chapter 21, Section 45 of the Rhode Island General Laws, which sets the pre-judgment interest rate at 12% per annum. This rate may vary based on specific circumstances or contractual agreements.
2. Post-Judgment Interest Rate:
According to Title 9, Chapter 26, Section 1 of the Rhode Island General Laws, the post-judgment interest rate is also set at 12% per annum. Similar to pre-judgment interest, this rate may be subject to adjustment based on individual cases.
3. Statute of Limitations for Written Contract:
In Rhode Island, the statute of limitations for a written contract is ten years. This means that a party has ten years from the date the cause of action accrues to file a lawsuit to enforce the contract, as stated in Title 9, Chapter 1, Section 14 of the Rhode Island General Laws.
4. Statute of Limitations for Oral Contract:
The statute of limitations for an oral contract in Rhode Island is also ten years, as provided by Title 9, Chapter 1, Section 14 of the Rhode Island General Laws.
5. Statute of Limitations for Open Account:
For open accounts, such as credit card debts or unpaid invoices, Rhode Island has a statute of limitations of six years. The time limit starts from the date of the last item in the account, as stated in Title 9, Chapter 1, Section 16 of the Rhode Island General Laws.
6. Statute of Limitations for Contract for Sale of Goods:
Rhode Island adheres to the Uniform Commercial Code (UCC) regarding contracts for the sale of goods. Under the UCC, the statute of limitations for a contract for the sale of goods is four years, as stated in Title 6A, Section 2-725 of the Rhode Island General Laws.
7. Statute of Limitations for Promissory Note:
The statute of limitations for a promissory note in Rhode Island is six years. This time limit is specified in Title 9, Chapter 1, Section 13 of the Rhode Island General Laws.
8. Statute of Limitations for Enforcement of Domestic Judgment:
In Rhode Island, the statute of limitations for the enforcement of a domestic judgment is twenty years. This time limit is outlined in Title 9, Chapter 26, Section 3 of the Rhode Island General Laws.
9. Statute of Limitations for Enforcement of Foreign Judgment:
Rhode Island applies the Uniform Enforcement of Foreign Judgments Act (UEFJA) for the enforcement of foreign judgments. Under the UEFJA, a foreign judgment is enforceable in Rhode Island for a period of ten years, as specified in Title 9, Chapter 26, Section 12 of the Rhode Island General Laws.
10. Garnishment Exemptions:
Rhode Island provides various exemptions regarding garnishment, which limits the amount of wages that may be subject to garnishment. The specific details and exemptions are outlined in Title 9, Chapter 26, Section 13 of the Rhode Island General Laws.
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.