Does anyone know, how you derive which state statute applies to a debt? Is it where you are living at that time, or is it where the debt account was opened, even if you move from that state?
Long story short, it could be either/or/both. The thing to remember is that SOL is a defense, in most places, it doesn't do anything except give you an argument as to why you don't owe a company money should they sue you. Example 1 - You open the account in state X, SOL is 6 years; 5 years and 360 days after the account goes delinquent you move to state Y, you froze the SOL with 5 days on the clock, they potentially could sue you until after you move back to state X, and have lived back in state X for 5 days. Example 2 - You open the account in state X, SOL is 6 years; while the account is active you move to state Y, the SOL in state Y is 2 years, you make a few payments from state Y, then begin to go delinquent. Most likely, you could argue that the SOL of state Y applies because you made payments on the account in state Y.
I realize this post is almost a year old, but I came across it when researching statute of limitations on debt. Obviously these situations can become quite complex and very difficult to understand, but Jam gives some great examples below of how things can play out in different scenarios. BDM- I'm curious if you were ever able to determine which SOL applied to your debt? Hope to hear back from you soon.