Re: SOL on Credit Card debts

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Posted by Sarah on March 06, 2001 at 17:27:02:

In Reply to: SOL on Credit Card debts posted by Joe on January 03, 2001 at 04:03:36:

I am a consumer and a legal assistant. here's what I know: first, it doesn't matter WHERE YOU live. Where does your CREDIT AGREEMENT set jurisdiction?? Many set it in New York or Delaware. THAT state is the state that matters. Second, whether it's say, 3 years or 5 years is dependent upon whether that state considers a credit card as an "open account" or a "written contract". Since you sign the application which says you have "read and agree to the terms and conditions" of the credit agreement, each state COULD consider a credit card a written agreement, which generally results in a longer SOL than an open account, thus the attorney telling you it's five years when this site says three. Hope that helps.

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: I am a consumer and a legal assistant. here's what I know: first, it doesn't matter WHERE YOU live. Where does your CREDIT AGREEMENT set jurisdiction?? Many set it in New York or Delaware. THAT state is the state that matters. Second, whether it's say, 3 years or 5 years is dependent upon whether that state considers a credit card as an "open account" or a "written contract". Since you sign the application which says you have "read and agree to the terms and conditions" of the credit agreement, each state COULD consider a credit card a written agreement, which generally results in a longer SOL than an open account, thus the attorney telling you it's five years when this site says three. Hope that helps.

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