Commercial Debt Collection in Fargo
Fargo is the most populated city in North Dakota with a population of almost 125,000 in 2019 (Wikipedia). Originally founded in the late 19th century, Fargo has expanded rapidly over the years and has recently grown with university education, technology and agriculture. The city has previously been ranked as the best city to start a career in, but what happens on the other side when businesses struggle to pay back commercial debt?
As home to North Dakota State University, Fargo bolsters a culture of providing higher education to its residents. Since much of Fargo’s economy focuses on agriculture, tech, engineering and science-related industries, Fargo’s state university provides similar fields of study in its curriculum.
The thriving Fargo economy has given the city the opportunity to offer a wide variety of culture to its residents and visitors. The city has several private theaters for drama and musical events. In addition, the Winter Carnival has been a large tradition of the town since 1928.
Fargo has previously had impressive city finances, but saw a credit downgrade in 2020. The city has almost $460 million in general obligation debt and $35 million in annual appropriation-bonds outstanding (Inforum).
Where do businesses stand with Fargo’s commercial debt collection laws? The interest rate for legal cases is 6 percent and 12 percent for judgments. For statute of limitations:
- Open accounts for services: 6 years
- Sale of goods: 4 years
- Written contracts: 6 years
- Domestic judgments: 10 years (renewable)
- Foreign judgments: 10 years (renewable
For more information on Fargo’s commercial debt collection summary visit: https://psicollect.com/north-dakota/