Re: Folks WATCH OUT. Affects many people on this board.

Posted by VeryWorried (63.121.87.156) on August 22, 2003 at 09:10:16:

In Reply to: Re: Folks WATCH OUT. Affects many people on this board. posted by observer on August 22, 2003 at 08:40:43:

Ok. Let's assume that under TILA Reg Z a credit card is an open account.

There is also the initial application for the credit card (which is signed just by the applicant) and then confirmed by the credit card company when they activate the card.

Can a lawyer argue that the signed application is a "contract based upon a written instrument" ?

Further, can they argue that any transactions, purchases etc made with the credit card are based on that original contract ?
Under FL statute, ths has a SOL of 5 yrs.

My confusion is this :

A credit card seems to be both an open account (for instance under TILA RegZ)

AND a contract based upon a written instrument (the original signed agreement with the credit card company)

Can you please clarify for me ?

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