help reading MA General Law
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Posted by jm10101 (198.80.153.10) on August 16, 2002 at 14:28:54:
Could I please have the assistance of some of the great minds on the board? Background: I have been paying a notorious CA dutifully for years on a loan I defaulted on. According to an old CR, the loan was closed + sent to collection in the early 90s. While it appeared on my CRAs for years, it hasn't been on there for the last couple, however, the CA does an inquiry a couple times a year. WHY CHAT's recent post on lawsuit SOLs peaked my interest, so I went to the MA General Law site. These three seem to apply: CHAPTER 260. LIMITATION OF ACTIONS. Chapter 260: Section 2. Six years. Section 2. Actions of contract, other than those to recover for personal injuries, founded upon contracts or liabilities, express or implied, except actions limited by section one or actions upon judgments or decrees of courts of record of the United States or of this or of any other state of the United States, shall, except as otherwise provided, be commenced only within six years next after the cause of action accrues. Chapter 260: Section 13. Acknowledgment or new promise; effect. Section 13. No acknowledgment or promise shall be evidence of a new or continuing contract whereby to take an action of contract out of the operation of this chapter or to deprive a party of the benefit thereof, unless such acknowledgment or promise has been made by, or is contained in, a writing signed by the party chargeable thereby. Chapter 260: Section 14. Part payment; effect. Section 14. The preceding section shall not alter or impair the effect of a payment of principal or interest made by any person; but no endorsement or memorandum of any such payment, written or made upon a promissory note, bill of exchange or other writing by or on behalf of the party to whom such payment has been or purports to have been made, shall be sufficient proof of the payment to take the case out of the provisions of this chapter. In terms of the particulars of my case, I interpret the above to mean the SOL began when the account was closed by the OC and ran for a period of 6 years and that the payments I've been making do not constitute a new or continuing contract. Am I on the right track? How does this play against anything the CA might put on my CR in the future [ if I were to stop paying ]?
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