Re: Be careful about SOL.

Posted by Drew (24.59.27.46) on September 18, 2003 at 01:07:46:

In Reply to: Re: Be careful about SOL. posted by Why Chat on September 17, 2003 at 22:08:02:

Your right. But wouldn't it be more expensive to do it that way. Couldn't they also just enter one judgement against both parties in one state and have the judgment transferred to the other state.

If the primary applicant moves to take a job to another state, then we would have three states involved. The state where the contract was signed. And the two states where each of the signers live.

Lets say that one moves to a state that has a longer statue of limitations. Can the enforce the longer statue of limitations of one of the borrowers in that one state to the borrower in another state, even though the state was not the state that the contract was signed.

Sorry to get confusing.

Lets say A and B cosigned a loan (written contract) in State A. A lives in State A. B moves to State B. Both states A and B have a 6 year statue of limitation on written contracts and a ten year statue of limitations on judgments that are renewable for another ten years. A moves to State C which has a 10 year statue of limitations without a judgment and a longer statue of limitation for judgements which is renewable. Can the creditor apply State C's SOL to cosigner B just because A moved there after signing contract in state A?

Whew?

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