Whychat's Notes on Last Item/Payment States
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Posted by MeToo (198.78.247.64) on August 06, 2004 at 23:00:21:
I know that on these States, cause of action is the last item or payment that begins SOL. But sometimes the wording varies. EXAMPLES: (1) Mutual, open and current (2) Mutual, open (3) open. Whychat has placed notation on example (3) that this is a USEABLE ACTIVE account. I know sometimes an OC permanently closes a delinquent account (no longer extending debtor credit even after balance is quite a bit below the stated credit limit) but keeps collecting payments on the balance without charging it off. The SOL is running on all these examples (1)(2)&(3) from the date of closure - Correct?
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