Re: Auto Repo Question
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Posted by Why Chat (209.240.198.61) on September 16, 2003 at 20:33:03:
In Reply to: Auto Repo Question posted by Jay on September 16, 2003 at 18:58:50:
There is no such statute. The UCC states that legal action must commence within 4 years of the sale that generated the deficiency, PROVIDED that the sale and notice of deficiency were carried out according to State laws, AND that all notices of deficiency amounts claimed be delivered within a "reasonable" period of time after the sale. The caselaw on this subject has stated that failing a specific time given in any State statute, that 2 years (in the subject case) is beyond a "reasonable time". So--if ALL the repo requirements were met, and all notices provided in a "reasonable" time,then the creditor has 4 years from the repo sale to sue for a deficiency.
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