Author Topic: SOL When does the time clock start to run?  (Read 2494 times)

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Firewater

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SOL When does the time clock start to run?
« on: July 04, 2012 09:09:57 PM »
I read somewhere that many banks have home states of Delaware, which has a three year SOL. When does the clock start to run from the OC? Does the clock get reset after it passes from one JDB to another?

E. Normis Debtor

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Re: SOL When does the time clock start to run?
« Reply #1 on: July 04, 2012 09:39:11 PM »
I read somewhere that many banks have home states of Delaware, which has a three year SOL. When does the clock start to run from the OC? Does the clock get reset after it passes from one JDB to another?
Generally, the clock starts to run when a cause of action accrues.  Meaning, when the law provides a remedy.

Subsequent assignment does not affect SOL.
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WinningTheBattle2010

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Re: SOL When does the time clock start to run?
« Reply #2 on: July 04, 2012 10:43:31 PM »
  I had one Lawyer tell me that CC SOL starts when you quit using you card,   I have read on here that SOL starts when the DOFD was.  So It may depend on the State your in or  when the judge in court say?. 

   I don't know for sure.  I have even wondered if the cc SOL starts the day after the last payment was received?.  but like E Normis said "when there is a cause of action".

   maybe the higher minds can clear this up for You.

   WTB
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Firewater

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Re: SOL When does the time clock start to run?
« Reply #3 on: July 04, 2012 10:45:13 PM »
Why are people claiming the SOL has expired. Is it that date x is when the contract was broken and date y is when the suit has been brought to the court. so if I defaulted in 2009, then the debtor has three years to bring an action into court?

Firewater

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Re: SOL When does the time clock start to run?
« Reply #4 on: July 04, 2012 10:47:59 PM »
  I had one Lawyer tell me that CC SOL starts when you quit using you card,   I have read on here that SOL starts when the DOFD was.  So It may depend on the State your in or  when the judge in court say?. 

   I don't know for sure.  I have even wondered if the cc SOL starts the day after the last payment was received?.  but like E Normis said "when there is a cause of action".

   maybe the higher minds can clear this up for You.

   WTB
What is DOFD again?

E. Normis Debtor

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Re: SOL When does the time clock start to run?
« Reply #5 on: July 04, 2012 10:59:49 PM »
DOFD stands for date of first delinquency.  It is generally used to reference the period of time a derogatory tradeline can remain on one's credit report.  Has nothing to do with the SOL for filing suit, though sometimes the date a cause of action accrues for filing suit could be the same.
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E. Normis Debtor

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Re: SOL When does the time clock start to run?
« Reply #6 on: July 04, 2012 11:08:13 PM »
  I had one Lawyer tell me that CC SOL starts when you quit using you card
You'll want to steer clear of that lawyer's advice in the future.  Though I have my doubts that that's what was said.
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Firewater

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Re: SOL When does the time clock start to run?
« Reply #7 on: July 05, 2012 12:02:26 AM »
Thank you all for the help today.  This area is a bit grey. Now I have to find that post that talks about home state vs. bank's state. But I am not being sued by bank, but a JDB. This is a start.

Firewater

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Re: SOL When does the time clock start to run?
« Reply #8 on: July 05, 2012 12:07:01 AM »
You'll want to steer clear of that lawyer's advice in the future.  Though I have my doubts that that's what was said.

There seems to be the legal issue of breach of contract. So failure to make a payment is breach of contract? After 30 days one is delinquent, right?

Firewater

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Re: SOL When does the time clock start to run?
« Reply #9 on: July 05, 2012 12:13:10 AM »
that the six years start from the date of last activity.

Read more: http://wiki.answers.com/Q/What_is_the_NY_statute_of_limitations_on_unpaid_debt#ixzz1zhMBB3yh

So maybe the lawyer was right. Maybe the due date of last payment made?

E. Normis Debtor

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Re: SOL When does the time clock start to run?
« Reply #10 on: July 05, 2012 12:14:39 AM »
Thank you all for the help today.  This area is a bit grey. Now I have to find that post that talks about home state vs. bank's state. But I am not being sued by bank, but a JDB. This is a start.
Sometimes JDB's don't get all of the goodies the banks do.  Often times they do.

SOL is complicated; judges often struggle with it.

For example, in my state, choice of law provisions in a credit card agreement are void as a matter of law. Making such a provision unenforceable.  The only SOL that can be applied is this states.

In a majority of states, SOL is procedural, meaning the court in which you are sued applies its own SOL, irrespective of a choice of  law provision.

Some states recognize choice of law provisions as substantive and apply the agreed upon state's SOL.

And there are other circumstances.
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E. Normis Debtor

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Re: SOL When does the time clock start to run?
« Reply #11 on: July 05, 2012 12:19:04 AM »
Maybe the due date of last payment made?
Maybe the due date of the last payment that wasn't made.
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Firewater

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Re: SOL When does the time clock start to run?
« Reply #12 on: July 05, 2012 04:03:54 AM »
Sometimes JDB's don't get all of the goodies the banks do.  Often times they do.

SOL is complicated; judges often struggle with it.

For example, in my state, choice of law provisions in a credit card agreement are void as a matter of law. Making such a provision unenforceable.  The only SOL that can be applied is this states.

In a majority of states, SOL is procedural, meaning the court in which you are sued applies its own SOL, irrespective of a choice of  law provision.

Some states recognize choice of law provisions as substantive and apply the agreed upon state's SOL.

And there are other circumstances.

You are right with regard to judges unable to muddle through the provisions.