Contract Under Seal?

What is the name of your state? Massachusetts.

I was contacted by an attorney (debt collector) that informed me that I owed on a past due Cash Reserve Account Agreement. I called him to tell him that the statute of limitations of six years (Massachusetts) ran out two years ago. He stated that this was not the case with this particular agreement and that the statute runs for 20 years. I asked him to send me the original signed copy.

After doing some research, I discovered there is such a debt instrument that has a statute of limitations for 20 years. It is called a Contract Under Seal.

I have before me the original copy of my Cash Reserve Account Ageement with so and so bank. I've read it through carefully, and no where (based on my research of what constitutes a Contract Under Seal) can I determine if this is in fact a Contract Under Seal.

The original amount owed on this account was $180.00. Eight years later the attorney wants over $700.00 (including his $200.00 fee) to settle this matter. I have long since reconciled with my financial challenges and have settled with each and every creditor - a dime for dime on what I owed. I would be more that happy to settle this particular matter for the original amount of $180.00 whether or not I am legally obliged to do so; but, not for $700.00 plus dollars.

To better able negotiate my position, I need to understand whether or not that this contract is in fact a Contract Under Seal. How can I determine this? I've thought of consulting an attorney but it would seem hardly worth spending more money for such a relatively small matter.

Thank You,
I.

[I AM ALWAYS LIABLE]

Originally Posted by windtzu

What is the name of your state? Massachusetts.

I was contacted by an attorney (debt collector) that informed me that I owed on a past due Cash Reserve Account Agreement. I called him to tell him that the statute of limitations of six years (Massachusetts) ran out two years ago. He stated that this was not the case with this particular agreement and that the statute runs for 20 years. I asked him to send me the original signed copy.

After doing some research, I discovered there is such a debt instrument that has a statute of limitations for 20 years. It is called a Contract Under Seal.

I have before me the original copy of my Cash Reserve Account Ageement with so and so bank. I've read it through carefully, and no where (based on my research of what constitutes a Contract Under Seal) can I determine if this is in fact a Contract Under Seal.

The original amount owed on this account was $180.00. Eight years later the attorney wants over $700.00 (including his $200.00 fee) to settle this matter. I have long since reconciled with my financial challenges and have settled with each and every creditor - a dime for dime on what I owed. I would be more that happy to settle this particular matter for the original amount of $180.00 whether or not I am legally obliged to do so; but, not for $700.00 plus dollars.

To better able negotiate my position, I need to understand whether or not that this contract is in fact a Contract Under Seal. How can I determine this? I've thought of consulting an attorney but it would seem hardly worth spending more money for such a relatively small matter.

Thank You,
I.

My response:

So that I can help you make that determination, please hold the contract up to your monitor so that I can read it.

IAAL

[Ladynred]

Contracts under seal usually only apply to real estate transactions.

IAAL, surely you could enlighten us on the usual characteristics or terms of what makes up a 'contract under seal' ?? Would the contract actually STATE that ??

[I AM ALWAYS LIABLE]

Originally Posted by Ladynred

Contracts under seal usually only apply to real estate transactions.

IAAL, surely you could enlighten us on the usual characteristics or terms of what makes up a 'contract under seal' ?? Would the contract actually STATE that ??

My response:

You're correct, that one of the more common types of contracts placed "under seal" would be a Real Estate contract. However, with a $180.00 principle amount, this is highly unlikely - - unless our writer was purchasing a trailer home. But, this could be evinced from the language, or as a result of statutory authority if there is no language, and the type of contract was known. But, I can't see the contract, can't read it, and don't know the subject matter to make a determination.

So, our writer's question cannot be answered. It's an enigma.

IAAL

[JETX]

Originally Posted by Ladynred

Contracts under seal usually only apply to real estate transactions.

And of course, that is not true. A 'contract under seal' can be done for pretty much ANY contract.

IAAL, surely you could enlighten us on the usual characteristics or terms of what makes up a 'contract under seal' ?? Would the contract actually STATE that ??

In the old days, a 'contract under seal' was just that.... where the signer of the contract would put his signature or 'sign' in a raised or wafered (wax) seal on the document. However, this has been updated to include any contract that includes the terms "contract under seal", "under seal", "sealed" or similar words written in the text.

[Ladynred]

Thank you IAAL

Since I wanted to find out for myself, I did some research and this site, by a LAW FIRM, has an excellent explanation.

[url]http://www.tydingslaw.com/publication.cfm?publication_id=47&archive=0[/url]

I found others but this one will suffice.

[JETX]

Good site. And says pretty much the same thing I did.... in less words.

[Ladynred]

Well, I posted it so OTHERS could learn what it means too, in its entirety and in context.