DOFD/SOL question....

[guiness56]

I am not sure who regulates when a CC has to be charged off.  I know there is law that says when but I would have to search to find out.

[XxRaVeNxX1]

Also, the below statue for my state TN....Does that mean, the SOL to be sued begins at DOFD and not DOLA?

CAUSE OF ACTION

28-1-102. Commencement at time of right to make demand.

When a right exists, but a demand is necessary to entitle the party to an action, the limitation commences from the time the plaintiff's right to make the demand was completed, and not from the date of the demand.

[guiness56]

I read that yesterday and it is not clear to me.  But if I remember correctly, that is for a judgment. Otherwise it wouldn't mention plaintiff.

I did search there statutes yesterday and could not find anything cut and dry as to restarting the SOL.  If it is allowed it would restart with the last payment made because each time you make a payment the SOL starts from that date.

[XxRaVeNxX1]

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@guiness56 wrote:

I read that yesterday and it is not clear to me.  But if I remember correctly, that is for a judgment. Otherwise it wouldn't mention plaintiff.

I did search there statutes yesterday and could not find anything cut and dry as to restarting the SOL.  If it is allowed it would restart with the last payment made because each time you make a payment the SOL starts from that date.

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I recently saw a statue that stated that restarting the SOL only works if it is on a signed check...

THE FOLLOWING TENNESSEE STATUTE APPEARS TO ALLOW RE-AGING FOR A WRITTEN CONTRACT IF PAYMENT ON ACCOUNT IS BY A SIGNED CHECK

29-2-101

101. Writing required for action.

(b) (1) No action shall be brought against a lender or creditor upon any promise or commitment to lend money or to extend credit, or upon any promise or commitment to alter, amend, renew, extend or otherwise modify or supplement any written promise, agreement or commitment to lend money or extend credit, unless the promise or agreement, upon which such action shall be brought, or some memorandum or note thereof, shall be in writing and signed by the lender or creditor, or some other person lawfully authorized by such lender or creditor.

[guiness56]

I don't think that applies either.  That is talking about bringing action against a creditor or lender, not the other way around.