COLLECTION LAWS – SOUTH CAROLINA (SC)
(1) Pre-Judgment Interest Rate: In South Carolina, the pre-judgment interest rate is determined by the court. The court has discretion to determine the rate of interest on a case-by-case basis, taking into account the circumstances of the case.
(2) Post-Judgment Interest Rate: According to South Carolina Code of Laws Section 34-31-20, the post-judgment interest rate is set at the prime rate plus four percentage points, but it cannot exceed the maximum rate allowed by law.
(3) Statute of Limitations for Written Contract: The statute of limitations for a written contract in South Carolina is generally three years. Pursuant to South Carolina Code of Laws Section 15-3-530, an action to enforce a written contract must be commenced within three years from the date the cause of action accrued.
(4) Statute of Limitations for Oral Contract: For oral contracts, the statute of limitations in South Carolina is generally three years as well. Under South Carolina Code of Laws Section 15-3-530, an action to enforce an oral contract must be initiated within three years from the date the cause of action arose.
(5) Statute of Limitations for Open Account: The statute of limitations for an open account, such as a credit card debt, in South Carolina is generally three years. According to South Carolina Code of Laws Section 15-3-530, an action to collect an open account must be filed within three years from the date the cause of action accrued.
(6) Statute of Limitations for Contract for Sale of Goods: In South Carolina, the statute of limitations for a contract for the sale of goods is generally four years. Pursuant to South Carolina Code of Laws Section 36-2-725, an action for breach of contract for the sale of goods must be commenced within four years from the date the cause of action accrued.
(7) Statute of Limitations for Promissory Note: The statute of limitations for a promissory note in South Carolina is generally six years. According to South Carolina Code of Laws Section 15-3-520, an action to enforce a promissory note must be initiated within six years from the date the cause of action arose.
(8) Statute of Limitations for Enforcement of Domestic Judgment: In South Carolina, the statute of limitations for the enforcement of a domestic judgment is generally ten years. Pursuant to South Carolina Code of Laws Section 15-39-30, a domestic judgment may be enforced within ten years from the date it was entered.
(9) Statute of Limitations for Enforcement of Foreign Judgment: The statute of limitations for the enforcement of a foreign judgment in South Carolina is generally ten years as well. Under South Carolina Code of Laws Section 15-39-110, a foreign judgment may be enforced within ten years from the date it was filed in the state.
(10) Garnishment Exemptions: South Carolina law provides various exemptions from garnishment, which protect certain types of income and property from being seized by creditors. Some common exemptions include a portion of wages, public assistance benefits, retirement benefits, and certain personal property. However, the specific exemptions and their details are subject to change and should be consulted directly from South Carolina Code of Laws Section 15-41-30.
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.