http://www.winstonandwinston.com/art 16 paid in full checks.htm Read that 1st Then This http://www.law.cornell.edu/ucc/3/3-311.html It appears many states have adopted UCC code 3-311 might be helpful..I hope
Well, it appears to me that it all pretty well boils down to what I have said for so long and that is that for the most part these debt termination companies claiming that one can send a $10 check to the creditor or his agent which is marked "paid in full" or which carries that statement in a cover letter haven't got a clue nor a crying chance to make it stick.
Bill, I am a newbie i watch your threads very closely. Please correct me if Im wrong here. it appears upon reading this that IF the CA or OC has a seprate "paid in full address" that the A&S MUST be sent to that adress and the person that is designated as the contact person. If the OC or CA is an orginization(and most are).. However what if the debts are old or even charged off? I have a few accounts that I have NO contact info for let alone a PAID IN FULL addy.. also: As per the UCC (ii) the amount of the claim was unliquidated or subject to a bona fide dispute, What exactly does the above sentence mean?
The next question a newbie(like me ) would ask is what states does this apply to? Click here....The states designated by the (1).. http://review.law.mercer.edu/old/48116ft.htm
Thats the way I always understood it and thats what I read this time too. I fail to see any reference to that so I therefore fail to see how that has any bearing on the issue. I just covered a similiar situation in an earlier post today. I realize that even if you did dispute with the CRA you may not end up with the same results as my student did. However, I've seen similiar results in two separate instances with two separate students. So maybe the CRAs are suddenly becoming more demanding in their correspondence with the furnishers of information thus the results of those two disputes. Who knows? I don't. Just guessing. Ahh yes! A real stickler as I see it. I believe that the "unliquidated" means unpaid. Laws have definitions clauses which usually explain in great detail exactly what was meant and often what was the intent of the legislative body which enacted them into law. That part was not included so without that to guide us we can only guess at the meaning of the word. But then that leaves that one last requirement. There must be a bona fide dispute.
Thanks for your kind words. I probably am not really the best but I sincerely hope I can at least be in the same ballpark with the best of them. (LOL)
Just a gloss on this old thread: The meaning of "unliquidated" is that there is no dollar amount assigned yet (possibly in the future, an unliquidated claim will become liquidated, but not necessarily). A good example would be if a branch from your tree fell and damaged part of your neighbor's fence (until he gets an estimate or two, the claim is "unliquidated"), and you just immediately sent him a check for $100 "in full and final settlement". The neighbor might fix the fence himself for the cost of a few bucks in materials and some paint. You can't complain you paid too much. He might have a contractor come out and it might cost him $200. If he's cashed the check, he can't complain it's too little (assuming the statutory or common law of Accord and Satisfaction apply to this situation--one would have to research it).
