How to Which State for Determining Statute of Limitations?

[Anonymous]

Do I determine the state for the Statue of Limitations by the state in which I live or the state in which the creditor is located?

Please advise.  Thank you!

[Shogun]

The SOL is determined by your state.  Hope that helps!

[Anonymous]

Hey there Shogun,

Yes, that is super helpful!

THANK YOU!

[amkari]

On a similar note... I've looked up the information but I still havent found a clear enough answer for my peace of mind.

I have a couple of defaulted cc accounts which were out of SOL in California at the time I moved to Montana.  The SOL in Montana is longer than the SOL in California... does the fact that I moved to a state with a longer SOL mean that my collections are again within SOL or does it go by the state I lived in at the time of the default?

Thanks!

[Shogun]

They actually have the option of using either state.  Sorry.  

[Anonymous]

Yikes, that's a great question, Amkari!  Thanks for posting it.

[Anonymous]

Shogun,

Thank you, as always, for your knowledge!

[Anonymous]

Google "Florida Consumer Turns Tables On Debt Collector." The article should be on PRWeb.

and I quote:

"“Its right there in black and white,” explained Owens, “though somewhat obscured
in the six point font multi-page cardholder agreement, it does in fact state
that the governing law is that of Virginia – not Florida.” Owens further
elaborated, “it gets a little less clear as to what is the applicable statute of
limitations in Virginia, however, in order for it to be considered a written
contract and thus subject to a five year limitations period, the agreement must
be signed by the consumer – the Capital One Bank cardholder agreement, like most
others, is never in fact signed by anyone.” In September 2008, Palm Beach County
Court Judge Ted S. Booras ultimately agreed with Pincus’s attorney, ruling that
that the cardholder agreement was “an oral contract subject to Virginia's three
year statute on limitation which was violated by the filing of this action in
excess of three years from the date of the last transaction.”"

Reference the card holder agreement. Either way, if a bank decides to sue you, they'll try it in whatever state could benefit them best. It's up to you, or your lawyer, to prove them wrong.

[Anonymous]

Swizzle 1969,
Thank you so much. This is really good information to know.

[Jutz]

I've been meaning to ask that, so I'm glad someone did.  Thanks guys.

A quick point on SOL.  SOL refers only to the amount of time a CA can contact/attempt to try to collect, however regardless of SOL, it will be reported to the bureaus for the full seven years, correct?  And the SOL starts after first dunning?  Or is there another date it starts on?