A friend of mine is being sued by Asset Acceptance in michigan for defaulting on a value city furniture in-store credit card account. I am having trouble figuring out if this justifies a written contract or a sales contract (UCC). In michigan they specify written as 6 years and all others as 6 years but UCC as 4 therefore this could make a big difference on whether or not she can claim a SOL a defense. Does anyone know for sure? I can't quite understand UCC stuff no matter how hard I try.
I know and I very much appreciate it....I think it's a pretty good question. I'm just messin' with you.
Whenever one comes here asking question on someones elses behalf, my knee jerk reaction to "tell em to come here and sign up". LOL If this is a CC account, where future transactions could be anticipated, it's a "Revolving [open ended] Account". .
Michigan is one of the States that puts "Store" accounts into a different SOL IF they are installment loan accounts (4 years instead of 6) If it was a revolving account, not a fixed closed end store account, it has a 6 year SOL, HOWEVER, Mich. also has soe strict laws on the books for consumer credit under it's RISA. Here is the link to the Mich. page from my website. http://community-2.webtv.net/Y-Chat/WhyChatsCredit/page23.html
