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Re: Statute of limitations for Credit card use.


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Posted by Why Chat (209.240.205.61) on December 11, 2003 at 17:09:35:

In Reply to: Statute of limitations for Credit card use. posted by Drew on December 11, 2003 at 16:11:20:


The writer is confused.
The basic claim on any contract is for breach of contract.that is what "cause of action" means, it is the start of the SOL date, the date when a contract is first breached.

The question of "open-ended or closed ended" is not the question, but how long the SOL is, based on venue and jurisdiction.

The TILA (that defines "open-end and "closed end") and the FDCPA (that determines venue), applies ONLY to consumer debt, not business debt.

In many cases, if it is a business debt on a credit card account, or any other kind of contract, the SOL may be different because the account may be considered as an open-ended account in that State's statutes, but it may also be subject to other legal considerations including venue, jurisdiction etc. etc. that could place it in a situation where a long arm statute could have it under one venue's SOL as a 6 year SOL and in another as a 4.

The case law on this subject deals with cases establishing venue and jurisdiction, and do not apply to consumer credit.


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