Re: Medical/SOL follow up Question for Linda et. al.

Posted by Why Chat (209.240.222.130) on April 16, 2002 at 15:17:53:

In Reply to: Re: Medical/SOL follow up Question for Linda et. al. posted by John on April 16, 2002 at 12:17:39:

You have misunderstood the law. Even if you signed a contract to pay over a fixed period of time (a financing AGREEMENT) it would still be only 6 years. If all you did was sign as the responsible party, without a financing agreement, it is only 4 years(caselaw considers it "sale of goods").I have posted the accurate information below. Please note the licensing requirements for collection agencies. If you post the name of the ca who has called you, I will check and see if they are licensed.

INDIANA
STATUTE OF LIMITATIONS (IN YEARS) Open Acct.: 6
Written Contract for payment of money
(executed before 9/l/82): 10
(executed after 8/31/82): 6 _________________________________
---------------------------------
Written Contract (other than payment of money): 10
---------------------------------
Written Contract for sale of goods: 4

COLLECTION AGENCY BOND & LICENSE
Bond: $5000 each office
License: Yes
Fee:
$100 plus $5 per annum, each unlicenced employee
$30 branch office
$80 - Renewal
Exemption for out-of-state collectors: Out-of-state collectors are exempt from licensing if [1] collecting for a non-resident creditor; and [2] collection activities limited to interstate communications (phone, fax, mail).

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