Re: sol definitions

Posted by Why Chat (209.240.198.61) on February 15, 2003 at 07:30:13:

In Reply to: sol definitions posted by extramail on February 15, 2003 at 01:18:58:

SOL= statute of limitations is the time period that limits someone bringing legal action. It is a DEFENSE to an action- not a BAR.

Open accounts are "open-ended" revolving charge accounts.
UCC is for goods and services, like a purchase of furniture or tel. service.
Specialty is a contract that has been legally witnessed and either notarized or attested to by some other official.
Written contract would cover your sales contract for your car or a personal loan or similar type of transaction.
Domestic judgment is a judgment lien obtained and recorded within the State.
Foreign judgment is a judgment obtained in another State and legally filed within the State.

Auto repossessions void the original sales contract. There is a NEW obligation on any deficiency resulting from a LEGAL repo. that has a 2 year(UCC) limit for legal action starting fom the date of the resale that created the deficiency.

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