COLLECTION LAWS – WYOMING (WY)
(1) Pre-Judgment Interest Rate:
Wyoming does not have a specific statutory provision regarding pre-judgment interest rates. Parties may agree to pre-judgment interest in a contract or seek to obtain it through court discretion under the principles of equity and fairness.
(2) Post-Judgment Interest Rate:
The post-judgment interest rate in Wyoming is governed by Wyoming Statutes Section 1-16-105. This statute sets the post-judgment interest rate at the prime rate plus ten percent, with a minimum rate of ten percent per annum.
(3) Statute of Limitations for Written Contract:
The statute of limitations for a written contract in Wyoming is ten years. According to Wyoming Statutes Section 1-3-105, any action based on a written contract must be commenced within ten years from the date the cause of action accrues.
(4) Statute of Limitations for Oral Contract:
The statute of limitations for an oral contract in Wyoming is eight years. Pursuant to Wyoming Statutes Section 1-3-105, any action based on an oral contract must be brought within eight 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 Wyoming is four years. Wyoming Statutes Section 1-3-105 specifies that actions to recover 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:
Wyoming has adopted the Uniform Commercial Code (UCC) for transactions involving the sale of goods. Under Wyoming Statutes Section 34.2-725, the statute of limitations for a contract for the sale of goods is four years. The cause of action accrues at the time of breach or the delivery of the goods, whichever is later.
(7) Statute of Limitations for Promissory Note:
The statute of limitations for a promissory note in Wyoming is ten years. Pursuant to Wyoming Statutes Section 1-3-105, actions to enforce a promissory note must be commenced within ten years from the date the cause of action arises.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
Wyoming Statutes Section 1-17-107 sets the statute of limitations for enforcing a domestic judgment in Wyoming at five years. The five-year period begins from the date the judgment becomes final.
(9) Statute of Limitations for Enforcement of Foreign Judgment:
Wyoming Statutes Section 1-17-121 establishes the statute of limitations for enforcing a foreign judgment in Wyoming. Under this statute, a foreign judgment must be filed and enforcement proceedings commenced within five years from the date the judgment was rendered or became effective.
(10) Garnishment Exemptions:
Wyoming Statutes Section 1-15-501 provides exemptions for certain types of income from garnishment. These exemptions include, but are not limited to, social security benefits, workers’ compensation benefits, unemployment compensation, and certain retirement benefits. It is advisable to consult the specific statute or seek legal counsel to determine the complete list of garnishment exemptions in Wyoming.
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.