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Statute of limitations in NJ


cc1015
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Sorry...it's 6 years....

New Jersey Statutes of Limitation

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©).

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Hi thanks for the answer.

My account tht I am asking about was what was called a ready credit account meaning write checks and get either cash or buy things, etc.

Is this still 6 years?

not sure because of being able to convert into cash

thanks again for the help

CC

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Hi thanks for the answer.

My account tht I am asking about was what was called a ready credit account meaning write checks and get either cash or buy things, etc.

Is this still 6 years?

not sure because of being able to convert into cash

CC

I can see why you are thinking it's 3 years...

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

After reading that part of the statute and reading your type, I wonder as well if your account would fall under that. Does anybody know about this type of "ready credit" and if the conversion of an instrument for money falls under the write a check (instrument) and get cash/buy things?

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