I saw something here that suggested the SOL on credit cards is 3 years, and falls in the same category as verbal agreements. Wouldn't they fall under the "contracts" clause which is 6 years, rather than verbal agreements? Also, what about unsecured lines of credit at a bank? (I'm referring to Arizona laws...)
For AZ, oral debts, stated or opens accounts: 3 years. A credit card account would be considered an open account. I found this at: http://www.fair-debt-collection.com/SOL-by-State.html#3 http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml http://www.bankrate.com/nltrack/news/cc/20040116b2.asp#ok
Thanks. I guess it's the terminology I'm unclear about, not the times. From the 2nd link, it says: So I guess they'd both be this. What's a "stated" account?
If you will click all 3 of the above links you will find that none of them agree. So, in a case like that you need to go right to the statutes for your state. Since Arizona has been mentioned here are the statutes for Arizona. http://www.azleg.state.az.us/Search...ase=Statute+of+Limitations&x=0&y=0&Scope=/ars There are only 48 different types of Statute of Limitations for the state of arizona so you will have to do a bit of digging to come up with the right answer you can rely on.
Sorry, I posted my reply, THEN checked out the links. Then I edited my reply. I didn't really expect two replies in the 5 minutes it took me to update my post. It's a terminology question I'm dealing with, not numbers. I'm sure they're all using the same definitions for those terms. I found "open" accounts, but what about "stated" accounts?
Stated accounts or more commonly used ACCOUNT STATED is a legal term and has nothing to do with Statute of Limitations. Go to google and put definition:account stated in the search box just that way, with the colon mark after the word definition and you will learn all about ACCOUNT STATED and what it means.
I live in Florida and am being sued by Cap One-the customer agreement states the account is to be governed by Virginia law and the judge apparently agrees. However, I need to demonstrate to him case law that suggests credit cards are, in fact, open accounts. The statute is quite vague. Can anyone help? Thanks
