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Why Chat: regarding Oh SOL on CC
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Posted by Rlee from OH
(199.35.102.231) on August 20, 2003 at 00:48:21:
Do I have this right
1. TILA describes CC as "open end agreements"
2. The fraud statute section you site excludes CC as written contracts.
3. While TILA is not subject to the complete preclusion doctrine, since the State of Ohio does not define cc accounts diferently than TILA, or specifically as a type of contract, for purposes for state SOL then the TILA "open end agreements" terminology rules. CC are "open end agreements" not contracts.
4. BOTH #1,(because of #3), and #2 are reasons why cc
are not subject to either the 15 year written contract SOL, and also the 6 year contracts not in writing SOL.
5. This being the case then, the only other place you can find a SOL, by way of exclusion is state torts statute 2305.09 and scecifically 2305.09 D, which has
a four year SOL as does all the rest of 2305.09.
Thanks for your time and looking this over.
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