Statute of Limitations (SoL)

Discussion in 'Credit Talk' started by antipode12, Aug 22, 2014.

  1. antipode12

    antipode12 Member

    I thought the SoL in NYS was 6 years for Credit Card (open-ended) debt.

    BUT, I read a site (I am disallowed by this site to post links!! It's from the creditcards.com site.) and it seems to say that MY state is irrelevant -- that it is the state of the Credit Card Bank that matters.


    For example, it states that Chase abides by Delaware statutes -- with an SoL of 3 years.

    Any insights?
     
  2. antipode12

    antipode12 Member

    Also, I believe that the debts have been sold to Collections Agencies, so the the original CC Bank doesn't own the debt any longer.

    So does that mean that the Collection Agencies' home states are the where the SoL will originate from?
     
  3. jam237

    jam237 Well-Known Member

    No.

    Here is the quick version.

    SoL of YOUR state is primary.

    Now, a lot of companies slip a line into their contracts, preferring the laws of XX to be used when interpreting the contract.

    Under the FDCPA suits need to be in YOUR jurisdiction, they can argue to apply the laws of XX in YOUR local court, but they may not always succeed.
     
  4. antipode12

    antipode12 Member

    This is from the link where I read about it first:
    So you can see why I'm confused.

    And this is from the Chase Agreement:

    Not really sure what that means.
     
  5. antipode12

    antipode12 Member

    And I found this interpretation from a Debt Lawyer on Avvo.com:

     
  6. antipode12

    antipode12 Member

    I'm totally not being a pest... I am learning as I go -- I just found two further resources that suggest the NYS Statute of Limitations is less than 6 years.

    From NEDAP (Again, I would've posted the link, but I am disallowed on this site because I am still new here. Sorry for pasting.)


    And... if you are interested in the case law referred to (which I cannot, admittedly, decipher):

     
  7. jam237

    jam237 Well-Known Member

    The key is the shortest SOL. So you want to know all the SOLs that could apply, so you can argue the one that works best for you.
     
  8. antipode12

    antipode12 Member

    OK, so in this case, my state (NY) is 6 years. Chase's is 3 years (in Delaware).

    So I can just choose which to apply?
     

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