COLLECTION LAWS – UTAH (UT)
(1) Pre-Judgment Interest Rate: In the state of Utah, the pre-judgment interest rate is governed by Utah Code Section 15-1-1. The current statutory rate is determined annually by the Utah Department of Financial Institutions.
(2) Post-Judgment Interest Rate: The post-judgment interest rate in Utah is determined by Utah Code Section 15-1-4. The rate is calculated as the prime rate plus 2%, and it is adjusted annually.
(3) Statute of Limitations for Written Contract: According to Utah Code Section 78B-2-307, the statute of limitations for a written contract in Utah is six years. This means that an action to enforce a written contract must be brought within six years from the date the cause of action accrues.
(4) Statute of Limitations for Oral Contract: Utah Code Section 78B-2-309 establishes a four-year statute of limitations for oral contracts in Utah. Legal actions to enforce an oral contract must be initiated within four years from the date the cause of action arises.
(5) Statute of Limitations for Open Account: For open accounts, which involve a continuous debtor-creditor relationship, Utah follows a four-year statute of limitations as outlined in Utah Code Section 78B-2-310. The time limit starts from the last transaction or charge on the account.
(6) Statute of Limitations for Contract for Sale of Goods: The statute of limitations for contracts for the sale of goods in Utah is four years, as stated in Utah Code Section 70A-2-725. This time limit applies to actions for breach of contract related to the sale of goods.
(7) Statute of Limitations for Promissory Note: Utah Code Section 78B-2-311 specifies a six-year statute of limitations for actions related to promissory notes. Legal proceedings to enforce or collect on a promissory note must be initiated within six years from the date the cause of action accrues.
(8) Statute of Limitations for Enforcement of Domestic Judgment: According to Utah Code Section 78B-2-305, the statute of limitations for the enforcement of a domestic judgment in Utah is eight years. This means that a judgment creditor has eight years from the date the judgment was entered to take action for its enforcement.
(9) Statute of Limitations for Enforcement of Foreign Judgment: Utah Code Section 78B-2-307 outlines that a foreign judgment may be enforced in Utah within the same time limits as a judgment issued within the state.
(10) Garnishment Exemptions: Utah Code Section 78B-5-503 provides exemptions for garnishment in Utah. Some of the exemptions include a head of household exemption, certain income exemptions, and exemptions for certain property, such as clothing, household items, and tools of the trade.
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.