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SOL question
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Posted by Tbone (24.218.234.37) on September 15, 2003 at 22:27:15:
I live in Mass. In 1997, I entered into a loan agreement, putting my car up as collateral (the original creditor gave me a loan amount equal to the value of my car and retained the title). A year and 1/2 later (1999), I notified the creditor that I was unable to continue making payments and offered voluntary repossession to reduce the amount of the debt. The creditor refused to accept the car to reduce the debt. A couple of months later, creditor called again. I asked if I could sell the car to reduce the debt; or, could they sell the car (since they have the title) to reduce the debt. Again, no. Now, it's four years later, and in the hands of a collection agency. Today a "lawyer" called and left a message. Mass has an SOL for contracts and an SOL for UCC contracts. Which one applies here?
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