STATE: ARKANSAS

Interest Rate

• Legal: 6% of 5 points above the Fed. discount rate
• Judgment: Contract rate of 10% per annum, whichever is greater

STATUTE OF LIMITATIONS (IN YEARS)

• Open Account: 3 (except medical which is 2 years)
• Written Contract: 5 (partial payment stops the statute from running)
• Sale of Goods (UCC-2): 4
• Domestic Judgment: 10 renewable
• Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)

Twice amount of check, prior to double charge, can start out with $25 charge per NSF check after 30 days.

GENERAL GARNISHMENT EXEMPTIONS

$500 head of family; $200 single. Includes personal property except clothing. Homestead Exemptions: 1/4 acre plus home in city (urban). 80 acres plus home is country (rural).