cc1015 Posted October 19, 2007 Report Share Posted October 19, 2007 Hi Everyone,Would appreciate some help with statute of limitations for open end credit(revolving) in New Jersey. I think it is 3 years after last transaction.Can someone verify this for me?Thanks for your help!!CC Link to comment Share on other sites More sharing options...
daprez1963 Posted October 19, 2007 Report Share Posted October 19, 2007 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().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©). Link to comment Share on other sites More sharing options...
cc1015 Posted October 19, 2007 Author Report Share Posted October 19, 2007 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 cashthanks again for the helpCC Link to comment Share on other sites More sharing options...
jennieb Posted October 19, 2007 Report Share Posted October 19, 2007 It's 6 years. Link to comment Share on other sites More sharing options...
daprez1963 Posted October 20, 2007 Report Share Posted October 20, 2007 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 cashCCI 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? Link to comment Share on other sites More sharing options...
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