Jeff B- Get some one to explain this to you

Posted by Why Chat on January 26, 2002 at 20:59:07:

In Reply to: why chat and linda posted by jeff b on January 26, 2002 at 20:35:48:

Date: Fri, Jan 25, 2002, 5:24pm (EST+5) To: Y-chat@webtv.net Subject: Delaware SOL
Source:   Delaware Code : TITLE 6 Commerce and Trade : SUBTITLE I Uniform Commercial Code : ARTICLE 2. SALES : Part 7. Remedies : § 2-725. Statute of limitations in contracts for sale.
Terms:   statute of limitations (Edit Search) (Search lexis.com®)
 § 2-725. Statute of limitations in contracts for sale.
  (1) An action for breach of any contract for sale must be commenced within 4 years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitations to not less than one year but may not extend it.
Source:   Delaware Code : TITLE 6 Commerce and Trade : SUBTITLE II Other Laws Relating to Commerce and Trade : CHAPTER 24. CREDIT SERVICES ORGANIZATIONS : § 2411. Statute of limitations.
Terms:   statute of limitations (Edit Search) (Search lexis.com®)
   
 
   § 2411. Statute of limitations.
 
   
 
 An action may not be brought under § 2409 or § 2410 of this title after 4 years after the date of the execution of the contract for services to which the action relates.
 
(68 Del. Laws, c. 180, § 1.)
Source:   Delaware Code : TITLE 6 Commerce and Trade : SUBTITLE II Other Laws Relating to Commerce and Trade : CHAPTER 24. CREDIT SERVICES ORGANIZATIONS : § 2401. Definitions. § 2401. Definitions. In this chapter:
  
  (1) "Buyer" means an individual who is solicited to purchase or who purchases the services of a credit service organization.
  
  (2) "Consumer reporting agency" has the meaning assigned by § 603(f), Fair Credit Reporting Act (15 U.S.C. § 1681a(f)).
  
  (3) "Extension of credit" means the right to defer payment of debt or to incur debt and defer its payment offered or granted primarily for personal, family or household purposes.
  (68 Del. Laws, c. 180, § 1.)
 Source:   Delaware Code : TITLE 6 Commerce and Trade : SUBTITLE I Uniform Commercial Code : ARTICLE 9. SECURED TRANSACTIONS : Part 2. Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement : § 9-201. General effectiveness of security agreement.  
 
   § 9-201. General effectiveness of security agreement.
  
  (b) Applicable consumer laws and other law. A transaction subject to this Article is subject to any applicable rule of law which establishes a different rule for consumers, to any other statute or regulation of this State that regulates the rates, charges, agreements and practices for loans, credit sales, or other extensions of credit, and to any consumer-protection statute or regulation of this State.
  (72 Del. Laws, c. 401, § 1.)
 
Source:   Delaware Code : TITLE 5 Banking : PART II Banks and Trust Companies : CHAPTER 15. CREDIT CARD INSTITUTIONS § 1502. Applicability of other laws.
  
 A corporation formed under and pursuant to this chapter shall be known as a "credit card institution", shall be subject to regulation by the State Bank Commissioner to the same extent as a bank organized under Chapter 7 of this title and shall be deemed and held to be subject to this title, and to any other general statute of this State making provision for the regulation of banks, where any of the foregoing are not inconsistent with the express provisions of this chapter.
  (70 Del. Laws, c. 112, § 77.)
 
§ 1541. Powers and limitations.
      (a) Any corporation formed under this chapter may engage only in the business of credit card operations and accepting deposits of money, as described in this section. In engaging in such business, such corporations may exercise only the powers described below:
      (1) To sue and be sued, complain and defend in any court of law or equity;
    (5) To engage in credit card operations by extending credit to any natural person or persons, the proceeds of which are used primarily for personal, family or household purposes, and to take security interests of any kind in property of any type to secure such loans or credits; provided, however, that a loan or credit card account in the name of not more than 2 natural persons shall be deemed to be primarily for personal, family or household purposes;

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