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Statute of Limitations, which is it?


Anisah_H
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The link at the top of the page says 6 years for the SOL of all debts for NJ. But http://www.fair-debt-collection.com/SOL-by-State.html#31 is different:

Conversion of an instrument for money: 3 years, (N.J.S.A.12A: 3-118(g)).

Sale of goods under the UCC: 4-years, (N.J.S.A. 12A; 2-725).

Real or personal property damage, recovery and contracts not under seal: 6 years (N.J.S.A. 2A: 14-1).

Demand Notes when no demand is made: 10 years. If demand made: 6 years from date of demand, (12A: 3-118(B)).

Obligations under seal for the payment of money only, except bank, merchant, finance company or other financial institution: 16 years, (N.J.S.A. 2A: 14-4) actions for unpaid rent if lease agreement is under seal, (N.J.S.A. 2A: 14-4).

Real estate: 20 years, (N.J.S.A. 2A: 14-7); Judgments: 20 years, renewable, (2A: 14-5); Foreign judgments: 20 years (unless period in originating jurisdiction is less), (2A: 14- 5).

Unaccepted drafts: 3 years from date of dishonor or 10 years from date of draft, whichever expires first, (12A: 3- 118©).

What do most of these mean? Which would apply to credit cards?

Can someone explain what the above statutes refer to?

Thanks!

Anisah in Michigan

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Demand Notes when no demand is made: 10 years. If demand made: 6 years from date of demand, (12A: 3-118(B)).

IMO this one seems to apply to credit cards. The language here is pretty unclear, but I'm taking "Notes" to mean promissory notes, which could apply to credit cards.

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Which would apply to credit cards?

Credit cards are typically considered to be open-ended accounts. Lending...

Truth-in-Lending Federal Law ? 103. Definitions and rules of construction

(i) The term "open end credit plan" means a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance. A credit plan which is an open end credit plan within the meaning of the preceding sentence is an open end credit plan even if credit information is verified from time to time.

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The SOL for NJ on credit cards is 6 years. If the statutes don't specifically refer to open-ended plans, then they will typically be listed as 'contracts not in writing".

Credit cards are NOT promissory notes.

There is no 'conversion of instrument for money' - that would be a check or some other instrument. A CC agreement is NOT such an 'instrument'.

Obligations under seal - the most common transaction done 'under seal' is for real estate and I don't know how often that's used any more.

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