COLLECTION LAWS – VERMONT (VT)
(1) Pre-Judgment Interest Rate:
The pre-judgment interest rate in Vermont is determined by Vermont Statutes Annotated (V.S.A.) Title 12, Section 2903. According to this statute, the interest rate on judgments for pecuniary damages is 12% per annum from the date of the injury or demand.
(2) Post-Judgment Interest Rate:
Vermont Statutes Annotated (V.S.A.) Title 12, Section 2903 also governs the post-judgment interest rate. The statute specifies that the post-judgment interest rate is the same as the pre-judgment interest rate, which is 12% per annum.
(3) Statute of Limitations for Written Contract:
The statute of limitations for a written contract in Vermont is governed by Vermont Statutes Annotated (V.S.A.) Title 12A, Section 2-725. According to this statute, actions for breach of a written contract must be commenced within six years from the date the cause of action accrued.
(4) Statute of Limitations for Oral Contract:
For an oral contract in Vermont, the statute of limitations is also six years. This is established by Vermont Statutes Annotated (V.S.A.) Title 12A, Section 2-725, which applies the same limitation period to both written and oral contracts.
(5) Statute of Limitations for Open Account:
Vermont Statutes Annotated (V.S.A.) Title 12A, Section 2-725 sets the statute of limitations for open accounts. In Vermont, actions for the breach of an open account must be initiated within six years from the date the cause of action arose.
(6) Statute of Limitations for Contract for Sale of Goods:
The statute of limitations for a contract for the sale of goods in Vermont is also governed by Vermont Statutes Annotated (V.S.A.) Title 12A, Section 2-725. Similar to other contract types, the statute allows six years for initiating a legal action for breach of a contract for the sale of goods.
(7) Statute of Limitations for Promissory Note:
In Vermont, the statute of limitations for a promissory note is regulated by Vermont Statutes Annotated (V.S.A.) Title 12A, Section 3-118. This statute states that actions on a promissory note must be commenced within six years from the due date or the date of last payment.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
The statute of limitations for the enforcement of a domestic judgment in Vermont is outlined in 12 V.S.A. §506. According to this statute, a judgment creditor has 8 years from the date the judgment is entered to commence enforcement proceedings.
(9) Statute of Limitations for Enforcement of Foreign Judgment:
For the enforcement of a foreign judgment in Vermont, the statute of limitations is addressed in 12 V.S.A. §5013. According to this statute, a foreign judgment may be enforced within 8 years from the date of its entry or within the time limit set by the state where the judgment was originally entered, whichever is longer.
(10) Garnishment Exemptions:
Garnishment exemptions in Vermont are outlined in Vermont Statutes Annotated (V.S.A.) Title 12, Section 2740. This statute provides various exemptions for certain types of income and property, including exemptions for wages, government benefits, retirement accounts, and certain personal property.
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.