Re: Maryland repo question

Posted by Why Chat (209.240.198.61) on March 28, 2003 at 19:14:54:

In Reply to: Re: Maryland repo question posted by lawguy on March 28, 2003 at 10:29:25:

"lawguy" has placed his finger on the crux of the problem with determining SOL in repos.

It is true that the UCC gives a 4 year SOL starting from the date of "the cause of action".,which would be the resale that CREATED the deficiency, however, assuming that averything else in the repo was done correctly, BUT there was no notice of accounting of he sale immediately thereafter.

What would the time limit be for such a required acounting notice to accomplish the purpose of making the repo within the legal State statutes, and thereby having the deficiency be also considered legitimate.

The only thing I have found on the subject was a ruling that the account notice over 2 years after the sale was beyond a commercially reasonable time period,thereby rendering the deficiency claim invalid, and having the deficiency judgment set aside.

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