Long time lurker (must have my Creditnet on a daily basis) I have looked and looked with no avail and thought that someone here would know. In fall of 1996 thru spring of 1997 credit problems let to the repo of a leased truck and mobile home both contracts signed in MI where listed SOLs are 6 years for open and written contacts and 4 years for UCC contracts. I am now in SC where SOLs are 3 across the board. Question: I know that a craditor would use the SOL from the longer state (MI) so the SC SOL is out but which MI SOL would a repo deficiency fall under the written or UCC? Thanks for any input.
Repossessions have specific laws in each state. Check on http://www.lawdog.com select the state and follow the links. The applicable code section is noted on lawdog. I don't see anything about deficiency balances on lawdog - perhaps if you read the actual section of the state code, you will see something.
Thanks for the input Breeze. Checked there that is where I saw that the UCC SOL may be able to be used
But in a lot of states they can't even collect a deficiency balance, or they can only collect it if they meet certain criteria. So that is what I was looking for.
They can collect on it, but I think by looking at the MI statute that it falls under the UCC SOL of 4 years. Just wish I verification of sombody from MI that has had one. Thanks for all your input Breeze
