COLLECTION LAWS – SOUTH DAKOTA (SD)
(1) Pre-Judgment Interest Rate: In South Dakota, the pre-judgment interest rate is governed by South Dakota Codified Laws (SDCL) § 54-3-5. This statute sets the pre-judgment interest rate at 10% per annum.
(2) Post-Judgment Interest Rate: The post-judgment interest rate in South Dakota is established by SDCL § 54-3-9. According to this statute, the post-judgment interest rate is set at 12% per annum.
(3) Statute of Limitations for Written Contract: The statute of limitations for a written contract in South Dakota is six years, as stated in SDCL § 15-2-13. This means that a party has six years from the date the cause of action accrues to file a lawsuit to enforce the written contract.
(4) Statute of Limitations for Oral Contract: For an oral contract, the statute of limitations in South Dakota is also six years. SDCL § 15-2-13 applies to both written and oral contracts in this regard.
(5) Statute of Limitations for Open Account: The statute of limitations for an open account, which includes credit card debt, is six years in South Dakota. SDCL § 15-2-13 governs this limitation period.
(6) Statute of Limitations for Contract for Sale of Goods: The statute of limitations for a contract for the sale of goods in South Dakota is four years, as established by SDCL § 57A-2-725. This limitation period begins from the date of the buyer’s acceptance of the goods.
(7) Statute of Limitations for Promissory Note: South Dakota sets a six-year statute of limitations for a promissory note, according to SDCL § 15-2-13. This means that a party has six years from the date the cause of action accrues to initiate legal action on a promissory note.
(8) Statute of Limitations for Enforcement of Domestic Judgment: The statute of limitations for the enforcement of a domestic judgment in South Dakota is ten years. SDCL § 15-2-1 outlines this limitation period, which begins from the date of the judgment.
(9) Statute of Limitations for Enforcement of Foreign Judgment: South Dakota enforces foreign judgments within the same time frame as domestic judgments. Therefore, the statute of limitations for the enforcement of a foreign judgment is also ten years, as stated in SDCL § 15-2-1.
(10) Garnishment Exemptions: South Dakota provides certain exemptions from garnishment. These exemptions are outlined in SDCL § 21-47-6 and include various categories such as wages, social security benefits, retirement benefits, public assistance, and more. These exemptions aim to protect a certain amount of income and property from being subject to garnishment.
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.