Asset Acceptance

[steveinaz]

What is the name of your state?- Arizona

Hello, the other day i received a notice from AA that they have purchased a CO account (DOLA 8/99)

The account was opened in Nevada... is this now past SOL even though i now live in Arizona?

Also, if i was able to borrow from family and offer settlement, and AA accepts, even with discriptive language in a document re: "paid in full" stipulation, what is to prevent them from trying to collect the balance, or sell the balance... i've read that some states allow the DC to strike out certain language on the settlement check to keep the account open after lying to debtor? I really want to settle the debt but i cannot trust them.

Lastly, what is to prevent them from going after another past SOL account?

Many thanks,

Steve

[JETX]

Originally Posted by steveinaz

Hello, the other day i received a notice from AA that they have purchased a CO account (DOLA 8/99)

The account was opened in Nevada... is this now past SOL even though i now live in Arizona?

Depends. If they are going to invoke Nevada laws, that state freezes the SOL 'clock' when you leave the state. If they invoke the Arizona laws, the debt would have tolled as AZ has a 3 year SOL on credit card (open account) debt.

Also, if i was able to borrow from family and offer settlement, and AA accepts, even with discriptive language in a document re: "paid in full" stipulation, what is to prevent them from trying to collect the balance, or sell the balance.

The confirmation of their acceptance of the 'Paid in Full' agreement in writing PRIOR to your making payment.

I really want to settle the debt but i cannot trust them.

Then get it in writing BEFORE payment.

Lastly, what is to prevent them from going after another past SOL account?

Who is 'them'?? And if the SOL has truly expired, that is a valid defense against a lawsuit.

[steveinaz]

JETX,

Thanks. Much to consider.

-[If they are going to invoke Nevada laws, that state freezes the SOL 'clock' when you leave the state. If they invoke the Arizona laws, the debt would have tolled as AZ has a 3 year SOL on credit card (open account) debt.]

I have lived in Arizona for 8 years. (account was opened in Nevada and DOLA 9/1999) How does Nevada "freezing SOL clock" effect me?? not sure what that means- thanks for clarification.

steve

[JETX]

Originally Posted by steveinaz

How does Nevada "freezing SOL clock" effect me?? not sure what that means- thanks for clarification.

A creditor can select from the following venues in deciding what SOL to use:
1) If the agreement has a venue clause specifying what state laws apply, or
2) The state where the contract was entered, or
3) In the case of the debtor leaving that state (#2), the current state where the debtor resides.

If the creditor chooses Nevada in this case (option #2), the following Nevada statutes would apply:
NRS 11.190 Periods of limitation.
Except as otherwise provided in NRS 125B.050 and 217.007, actions other than those for the recovery of real property, unless further limited by specific statute, may only be commenced as follows:
<snip>
2. Within 4 years:
(a) An action on an open account for goods, wares and merchandise sold and delivered.
(b) An action for any article charged on an account in a store.
(c) An action upon a contract, obligation or liability not founded upon an instrument in writing.

Clearly, the Nevada SOL would have tolled on this debt. HOWEVER, since you are no longer in Nevada, as long as you left while the SOL would have still been valid, the following statute would apply:

NRS 11.300 Absence from State suspends running of statute.
If, when the cause of action shall accrue against a person, he be out of the State, the action may be commenced within the time herein limited after his return to the State; and if after the cause of action shall have accrued he depart the State, the time of his absence shall not be part of the time prescribed for the commencement of the action.
Source: [url]http://www.leg.state.nv.us/nrs/nrs%2D011.html[/url]

[steveinaz]

JETX,

NRS 11.200 Computation of time. The time in NRS 11.190 shall be deemed to date from the last transaction or the last item charged or last credit given; and whenever any payment on principal or interest has been or shall be made upon an existing contract, whether it be a bill of exchange, promissory note or other evidence of indebtedness if such payment be made after the same shall have become due, the limitation shall commence from the time the last payment was made.

[1911 CPA § 26; RL § 4968; NCL § 8525]

The account was in good standing when i moved away from Nevada.

The SOL clock began running uninterupted?? at or near CO 9/1999

I have lived in Arizona for past 8 years.

Or alternatively speaking , i've lived continuously in Arizona the entire time SOL was running in BOTH states, regardless of which is chosen. correct?


Thanks...
?