Statute of Limitation

[klondike]

Are SOL's determined by the state you live in at the time you receive the credit, or where the credit company resides?

Does anyone know the SOL for MN?

Thanks,

Michael.

[Burned2manybridgesB4]

I believe the residing SOL state can be determined by;  the OC location, the chosen state of arbitration, or the user's state of residence.

[RobertEG]

The statute of limitations on the debt is governed by the jurisdiction in which the legal action is being held.  Judges are bound by the statutes of their jurisdiction.

Some state SOLs will incorporate specific provisions dealing with periods of non-residency, and thus may indirectly incorporate provisions of other state statutes.

If the plaintiff is a debt collector, federal law (the FDCPA) provides their right to bring legal action in either the jurisdiction where the contract creating the debt was signed, or in the current jurisdiction of the consumer.  SOL would then be that of the jurisdiction of the court.