COLLECTION LAWS – VIRGINIA (VA)
(1) Pre-Judgment Interest Rate: In the state of Virginia, the pre-judgment interest rate is governed by Virginia Code Section 6.2-302. This statute establishes that the legal rate of interest on judgments is generally 6% per year, unless a different rate is provided by a contract or another statute.
(2) Post-Judgment Interest Rate: According to Virginia Code Section 8.01-382, the post-judgment interest rate in Virginia is also typically set at 6% per year. However, the court has the discretion to adjust the post-judgment interest rate based on the circumstances of the case.
(3) Statute of Limitations for Written Contract: The statute of limitations for a written contract in Virginia is five years, as outlined in Virginia Code Section 8.01-246(2). This means that a lawsuit to enforce a written contract must be filed within five years from the date the cause of action accrues.
(4) Statute of Limitations for Oral Contract: For oral contracts, Virginia has a three-year statute of limitations, as stated in Virginia Code Section 8.01-246(4). Legal action to enforce an oral contract must be initiated within three years from the date the cause of action arises.
(5) Statute of Limitations for Open Account: Virginia Code Section 8.01-246(3) establishes a three-year statute of limitations for actions related to an open account. This means that lawsuits to collect debts arising from open accounts must be filed within three years from the date the cause of action accrues.
(6) Statute of Limitations for Contract for Sale of Goods: The statute of limitations for a contract for the sale of goods in Virginia is generally four years, as outlined in Virginia Code Section 8.2-725. This statute adopts the Uniform Commercial Code (UCC) and provides a four-year limit for bringing actions based on the sale of goods.
(7) Statute of Limitations for Promissory Note: According to Virginia Code Section 8.01-246(1), the statute of limitations for a promissory note is six years. Legal action to enforce a promissory note must be initiated within six years from the date the cause of action arises.
(8) Statute of Limitations for Enforcement of Domestic Judgment: Virginia Code Section 8.01-251 establishes a period of 20 years for the enforcement of domestic judgments in the state. This means that a judgment obtained within the state can generally be enforced for up to 20 years from the date it was entered.
(9) Statute of Limitations for Enforcement of Foreign Judgment: The statute of limitations for the enforcement of foreign judgments in Virginia is set at 10 years, as stated in Virginia Code Section 8.01-251.01. This statute governs the recognition and enforcement of judgments obtained from other states or jurisdictions.
(10) Garnishment Exemptions: In Virginia, certain property and income are exempt from garnishment, meaning they cannot be seized to satisfy a judgment. Some examples of garnishment exemptions in Virginia include a debtor’s earnings up to a certain threshold, certain public benefits, retirement benefits, and personal property such as clothing and household goods. The specific exemptions are outlined in Virginia Code Sections 34-29 and 34-26.
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.