COLLECTION LAWS – TEXAS (TX)
(1) Pre-Judgment Interest Rate: In Texas, the pre-judgment interest rate is determined by the market-based formula specified in Section 304.003 of the Texas Finance Code. This formula takes into account the prime rate published by the Wall Street Journal and is subject to change. It is advisable to consult the latest version of the statute or seek legal advice for the current pre-judgment interest rate.
(2) Post-Judgment Interest Rate: The post-judgment interest rate in Texas is governed by Section 304.003 of the Texas Finance Code. As of the last update, the post-judgment interest rate is calculated at the prime rate plus 5%. It is essential to consult the most recent version of the statute or consult with an attorney for the current post-judgment interest rate.
(3) Statute of Limitations for Written Contract: The statute of limitations for a written contract in Texas is four years. Under Section 16.004 of the Texas Civil Practice and Remedies Code, any action on a written contract must be filed within four years from the date the cause of action accrues.
(4) Statute of Limitations for Oral Contract: For an oral contract in Texas, the statute of limitations is also four years. Section 16.051 of the Texas Civil Practice and Remedies Code states that actions based on an oral contract must be initiated within four 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 Texas is four years. According to Section 16.004 of the Texas Civil Practice and Remedies Code, any action on an open account must be commenced within four years from the date the cause of action accrues.
(6) Statute of Limitations for Contract for Sale of Goods: In Texas, the statute of limitations for a contract for the sale of goods is four years. Section 2.725 of the Texas Business and Commerce Code states that any action for breach of a contract for sale must be commenced within four years after the cause of action accrues.
(7) Statute of Limitations for Promissory Note: The statute of limitations for a promissory note in Texas is four years. Under Section 3.118(a) of the Texas Business and Commerce Code, any action to enforce the obligation of a party to pay a promissory note must be commenced within four years after the cause of action accrues.
(8) Statute of Limitations for Enforcement of Domestic Judgment: In Texas, the statute of limitations for the enforcement of a domestic judgment is ten years. Section 34.001 of the Texas Civil Practice and Remedies Code specifies that a person may not enforce a judgment unless they commence an action to enforce it within ten years after the day the judgment becomes final.
(9) Statute of Limitations for Enforcement of Foreign Judgment: The statute of limitations for the enforcement of a foreign judgment in Texas is ten years. According to Section 36.005 of the Texas Civil Practice and Remedies Code, an action to enforce a foreign judgment must be commenced within ten years from the date the judgment became final.
(10) Garnishment Exemptions: Texas law provides certain exemptions regarding garnishment. These exemptions are listed in Section 42.001 of the Texas Property Code and include, but are not limited to, certain amounts of personal property, wages, retirement benefits, and homestead property. It is essential to consult the specific statutes and seek legal advice to understand the complete scope of garnishment exemptions in Texas.
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.