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Thread: credit card SOL

  1. #1
    salb3039 is offline Junior Member
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    credit card SOL

    What is the name of your state? Tennessee

    I just received a summons to appear in court over an old credit card. From the research I have done, I have found that the SOL of credit cards (open-ended accounts), is 3 years in Tennessee (all others are 6). I have pulled my Experian report and now I have a few questions. Things I have read state that the SOL starts different times....the date of last activity of the account, the date of your last payment (partial or written promise to pay). The last reported date was 05/2007 but I am certain I have not made a payment in at least 3 years. Unfortunately, Experian does not listed last received payment..

    Help?

    edit: I'll also add that this is an account from Capital One. The attorney is from Hosto & Buchan. I found that they seem to be shady and have a trail of bad things on their record. That is what made me start looking to begin with.
    Last edited by salb3039; 06-18-2007 at 09:45 AM.
  2. #2
    racer72 is offline Senior Member
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    Your one big mistake is assuming the credit card is an open ended account. Most credit cards have a defined maximum and specific contractual requirements. Based on this, most courts consider credit cards as signed agreements and the longer SOL will apply.
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  3. #3
    Happy Trails is offline Senior Member
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    Quote Originally Posted by salb3039 View Post
    What is the name of your state? Tennessee

    I just received a summons to appear in court over an old credit card. From the research I have done, I have found that the SOL of credit cards (open-ended accounts), is 3 years in Tennessee (all others are 6). I have pulled my Experian report and now I have a few questions. Things I have read state that the SOL starts different times....the date of last activity of the account, the date of your last payment (partial or written promise to pay). The last reported date was 05/2007 but I am certain I have not made a payment in at least 3 years. Unfortunately, Experian does not listed last received payment..

    Help?

    edit: I'll also add that this is an account from Capital One. The attorney is from Hosto & Buchan. I found that they seem to be shady and have a trail of bad things on their record. That is what made me start looking to begin with.
    Where did you find information stating that the SOL is 3 years on (open-ended accounts)?
  4. #4
    salb3039 is offline Junior Member
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    [url]http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml[/url]

    [url]http://michie.lexisnexis.com/tennessee/lpext.dll?f=templates&fn=main-h.htm&cp=[/url]
  5. #5
    salb3039 is offline Junior Member
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    Quote Originally Posted by racer72 View Post
    Your one big mistake is assuming the credit card is an open ended account. Most credit cards have a defined maximum and specific contractual requirements. Based on this, most courts consider credit cards as signed agreements and the longer SOL will apply.
    From what I found all credit cards are open-ended because of the Truth-In-Lending Act.
    [url]http://www4.law.cornell.edu/uscode/html/uscode15/usc_sec_15_00001602----000-.html[/url]
    [url]http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml[/url]
  6. #6
    Happy Trails is offline Senior Member
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    Quote Originally Posted by salb3039 View Post
    [url]http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml[/url]

    [url]http://michie.lexisnexis.com/tennessee/lpext.dll?f=templates&fn=main-h.htm&cp=[/url]
    The first link you provided is wrong.

    It gives this statute as a reference to it being three years:

    28-3-105. Property tort actions Statutory liabilities.

    The following actions shall be commenced within three (3) years from the accruing of the cause of action:

    (1) Actions for injuries to personal or real property;

    (2) Actions for the detention or conversion of personal property; and

    (3) Civil actions based upon the alleged violation of any federal or state statute creating monetary liability for personal services rendered, or liquidated damages or other recovery therefor, when no other time of limitation is fixed by the statute creating such liability.
    The Tennessee statute that covers this is this one:

    28-3-109. Rent Official misconduct Contracts not otherwise covered Title insurance Demand notes.

    (a) The following actions shall be commenced within six (6) years after the cause of action accrued:

    (1) Actions for the use and occupation of land and for rent;

    (2) Actions against the sureties of guardians, executors and administrators, sheriffs, clerks, and other public officers, for nonfeasance, misfeasance, and malfeasance in office; and

    (3) Actions on contracts not otherwise expressly provided for.

    (b) The cause of action on title insurance policies, guaranteeing title to real estate, shall accrue on the date the loss or damage insured or guaranteed against is sustained.

    (c) The cause of action on demand notes shall be commenced within ten (10) years after the cause of action accrued.
    You can always call an attorney and verify this information.
  7. #7
    fivehua is offline Junior Member
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    SOL for Credit Cards is ALWAYS Open Ended.

    This is the correct Statute for the state of Tennessee:

    [url]http://michie.lexisnexis.com/tennessee/lpext.dll?f=templates&fn=main-h.htm&cp=[/url]


    28-3-105. Property tort actions Statutory liabilities.

    The following actions shall be commenced within three (3) years from the accruing of the cause of action:


    (1) Actions for injuries to personal or real property;

    (2) Actions for the detention or conversion of personal property; and

    (3) Civil actions based upon the alleged violation of any federal or state statute creating monetary liability for personal services rendered, or liquidated damages or other recovery therefor, when no other time of limitation is fixed by the statute creating such liability.

    [Code 1858, 2773 (deriv. Acts 1715, ch. 27, 5); Shan., 4470; Code 1932, 8598; Acts 1945, ch. 130, 1; mod. C. Supp. 1950, 8598; modified; T.C.A. (orig. ed.), 28-305; Acts 1989, ch. 517, 2.]

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