Just Wondering SOL / Ohio

[fishbjc]

Ohio Statutes of Limitation

Written or oral account: 6 years, (O.R.C. §2305.07).

Written contract: 15 years, (O.R.C. §2305.06).

Oral contract: 6 years (O.R.C. §2305.07).

Note payable at a definite time: 6 years, (O.R.C. § 1303 .16(A)); (2)).

Demand note: 6 years after the date on which demand is made or 10 years if no demand is made and neither principal nor interest has been paid over that time (O.R.C. §1303.16(B)).

Dishonored check or draft: 3 years after dishonor, (O.R.C. §1303.16 (C)).

What is this written contract and how is it different from an account?

[llecs]

15 yrs SOL:

"Except as provided in sections 126.301 and 1302.98 of the Revised Code, an action upon a specialty or an agreement, contract, or promise in writing shall be brought within fifteen years after the cause thereof accrued." - O.R.C. §2305.06.

2305.07 doesn't apply because it deals with oral agreements only.

The sections referenced 126.301 and 1302.98 deal with Ohio's OMB and Sales and don't apply to credit.

Basically, when you open a CC, you sign an agreement (sometimes on-line). This agreement usually states interest rates, fees, etc. So...an account and a written contract are not the same but an agreement leads to an account.

If the debt is bank-related (i.e. loan), then a different set of laws apply and I believe it is 6 yrs.

[Anonymous]

A prommissory note is an auto or mortgage loan etc.

In it simplest terms, a promissory note is a written promise to repay a loan or debt under specific terms - usually at a stated time, through a specified series of payments, or upon demand. A promissory note will identify the parties, the amount of the obligation, some form of recitation of the consideration for the obligation (that is, what the debtor received in return for signing the note) and will usually include the terms of repayment, the interest rate which will apply (if any). It may also include an "acceleration clause" which will make the entire amount of the note due if a payment is missed.

Taking a guess on signed contract:

I would guess that it is more to do with busness. You hear about a company signing a contract.

But im not sure!

A CC is always called an open account!

I have tried to figure the Ohio SOL for some time & can't

Message Edited by HappyDays on 12-30-2007 08:05 PM

Message Edited by HappyDays on 12-30-2007 08:06 PM

Message Edited by HappyDays on 12-30-2007 08:12 PM

[Anonymous]

If this helps I live in Ohio & I had a card charged OFF 7 & a half to 8 years ago and now its no longer on my credit report

[Anonymous]

when it deletes from your CR is CRPT  not SOL.

[Anonymous]

Yeah I know that but if they stop reporting on my credit report and havn't attempted to get in touch with me for a few years I'm thinking its 6 years. I also had a sears card that got close to that 6 years. They sent me a letter asking if I wanted to reopen my account with my credit limit being the amount I owed