This was posted on another site, but need as much feedback as I can get: I am trying to look up whether Arkansas state code has any law that claims CC accounts are written agreements. So far this is what I found and need help understanding the meaning or interpretation of it: 4-9-102. Definitions and index of definitions (47) "Instrument" means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment. The term does not include (i) investment property, (ii) letters of credit, or (iii) writings that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card. Does this mean that a credit card is not classified as a written agreement or (instrument)? I have always heard they are always open-ended accounts, but lately people have been saying that the state could have some law that put them in the written category, which would make the SOL 5 years instead of 3.
"Negotiable Instruments" include money orders, bank drafts, checks, orders of withdrawal, etc. That is what the definition is saying..it also specifically excludes writings concerning credit cards. Credit card accounts are "open accounts"
