Here ya go. Credit cards are open accounts. STATE: ILLINOIS INTEREST RATE Legal: 5% Judgment: 9% STATUTE OF LIMITATIONS (IN YEARS) Sales (UCC): 4 Open Acct.: 5 Written Contract: 10 Domestic Judgment: 20 Foreign Judgment: Same as foreign jurisdiction
Can anyone point to the specific statute where this is defined? I'm looking through the UCC, but having trouble finding any reference
I think the UCC is used for a definition, but UCC is not state law. You are looking for state law. I think you would want to look for Illinois specific laws.
