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Re: Collection limits on OC


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Posted by Why Chat (209.240.198.61) on September 19, 2002 at 14:43:10:

In Reply to: Collection limits on OC posted by jm10101 on September 19, 2002 at 14:05:27:


Because a loan is unsecured does not make it an "open" loan under the SOL rules. If it is for a fixed term, with a fixed rate of interest it is usually considered as a written contract.In addition, if it is "under seal" it may be covered under an even longer SOL.


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