Re: Statute of limitations for a mobile home repo
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Posted by Why Chat (209.240.205.61) on November 21, 2003 at 20:02:05:
In Reply to: Re: Statute of limitations for a mobile home repo posted by Liber_Tea on November 21, 2003 at 17:37:13:
The UCC 4 year repo statutes MAY apply, (if they do it is for both the applicant and the co-signer). There are however, several other laws that would have to be looked at, primarily the Mich. Mobile Home Act, and the Mich RISA as well as the Mich. Consumer Protection Act. When it comes to repos, either auto or mobile home, the issue is not the SOL on the defaulted contract, but if there is a legal deficiency collection. This depends, on the terms of the original sale, if there were any defects in the mobile home, (the "lemon laws" on mobile homes are stricter than the ones on autos) and MOST OF ALL- how the repo and resale was carried out. IF, (just like in an auto repo) ALL of the State's laws were followed in the repo and resale,then there would be a 4 year UCC § 9 SOL for a lawsuit to be filed dating from the date of the resale. If the co-signer was notified properly of the repo and resale, AND if the installment contract specified that he/she would be liable for a deficiency, then the same 4 year SOL would be in force in NY or anywhere else.
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