Re: Statute of Limitations

Posted by Attorney's councel on September 17, 2001 at 17:47:17:

In Reply to: Statute of Limitations posted by Brett on September 12, 2001 at 15:45:47:

As perspective, your question involves the
area of law called "conflicts of law". The rules are
complicated and provide the substance of entire law
school courses of study. The general concensus of the
state of the law is set down in a set of books titled
the Restatement (Second) of the Law. In the case of
negotiable instruments like your note, the provisions
of the Uniform Commercial Code also apply. We have not
researched the UCC of either California or Nevada.
Also, by the terms of the contract itself, the parties
can agree what state's law will apply. You do not
mention whether any such provision exists in your note
but you might look. Bottom line in your case, absent
any written agreement in you note to the contrary,
courts are strongly inclined to refer to the law of
the place of payment (performance) in deciding the
performance due under negotiable instruments like your
note. (See United States v. Guaranty Trust Co., 293
U.S. 340 (1934).) It is our understanding that you
entered into the note in California and make your
payments in California.

If you check the language of your note, they often say that "this note is to be performed in the State of ...." for the purpose of invoking the named state's laws. As above, it is the place payment is made to and not where payment is made from that is important.

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