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Statute Of Limitations

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Question:

I was reading on the link for sol, but still didn't quite understand the difference between written and promissory. Now would a car loan be considered a written contract or promissory? There is a difference in 4 years on these, so I need some clarification.

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It varies from state to state. Look at your own statelaws to determine the difference.

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In general, a promissory note is a promise to pay money for a reason other than the purchase of goods or services. It's an IOU for better choice of description.

A contract is a formal written agreement usually to pay a certain amount of money in exchange for services or goods. Contracts have set terms and have an end-point where the contract is satisfied.

Credit card accounts are called contracts of adhesion and they are different (which is why revolving accounts are treated differently). A contract of adhesion means as long as you use the services, you agree to the terms of the account's use which can be changed at any time by the lender. Because they do not have set-in-stone terms, they are not generally considered "contracts" for SoL purposes but revolving accounts instead.

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Hello,

I've been searching but cannot find a definative answer to NJ's SOL - some sites say it is 6 years, some same 3 years for credit cards... anyone have a link to an OFFICIAL site that I could print and take to court?

N.J.S.A.12A: 3-118 ???

Thanks :)

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Do yourself a favor and call your AGs office to get the "official" breakdown of your state's SOLs. You can speak with an attorney to get the info you need, and that way you can ask a specific question and get the answer as mandated by your state laws SOL.

They are not allowed to give legal advice, but they are the place to go for your state's information.

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