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question about sol


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If you live in IL, that is most likely the prevailing SOL for you. SOL begins 31 days after your last payment. (When the acct went first went late.)

Now you then need to check IL law. In FL we have a case which determined SOL on store CCs to be 4 yrs. Some states will look at CCs as an open acct (which it is by UCC definition), but some are deciding that CCs are written.

For you this is a serious determination. SOL on open accts is 5 yrs in IL, but SOL on written is 10!

Anyone from IL wanna chime in???

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  • 3 months later...

Illinois Statutes of Limitation

Breach of contract for sale under the UCC: 4 years.

Open account or unwritten contract: 5 years. NOTE: Except, as provided in 810 ILCS 5/2- 725 (UCC), actions based on a written contract must be filed within 10 years, but if a payment or new written promise to pay is in made during the 10 year period, then the action may be commenced within 10 years after the date of the payment or promise to pay.

Domestic judgments: 20 years, but can be renewed during that 20-year period.

Foreign judgments are the same time as allowed by the laws of the foreign jurisdiction.

Tolling: A person's absence from the state or during the time that an action is stayed by injunction, court order or by statutory prohibition tolls the time limit.

Non Sufficient Funds (NSF or Payment of Negotiable Instruments) checks: 3 years of the dishonor of the draft or 10 years after the date of the draft, whichever expired first: 810 ILCS 5/3-118

Also see:


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