Illinois SOL: My findings so far... (LONG)
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Posted by Keggoryt
(207.162.229.11) on April 01, 2002 at 21:58:03:
I've talked to a lawyer, and done what I could to find ANY information, but I can find no statute, citation or decision which changes this fact: ALL debt with a written component (either agreement as for a credit card, or full contract as for an auto loan), in Illinois is subject to a TEN YEAR SOL. My attorney said he would interpret the credit card application as a contract, and he believes a judge, ESPECIALLY in small claims, would also do so. Also the phrase "other evidences of indebtedness in writing" included in the statute would allow the 10 year SOL to be the binding SOL (735 ILCS 5/13-206) according to the lawyer. The Statute of Limitations page on this site also lists a 6 year SOL for promissory notes; however, that same statute expressly says that the SOL for that is 10 years...that needs to be changed, BTW. Unless someone can help with a citation or decision which states that: o an open-end account is different from other types of indebtedness, or
o that a credit card application/agreement is not a contract (I can only find a statute that says that a DEBTOR may not maintain an action on or in any way related to a credit agreement unless it's in writing and signed by both creditor and debtor...of course, the creditor is relieved of that requirement), I can find no way of getting a judge to back a contention that there is a 5 year SOL on open-end accounts other than to present him with the SOL page from this website, which I doubt would work. Thanks for everyone who commented earlier and helped out.
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