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A friend of mine and I are debating the SOL on credit card accounts in our state, Here are the debated sections of our states law;

I say 3 years because the law says:

“The following civil actions, regardless of the theory upon which suit is brought, or against whom suit is brought, shall be commenced within three years after the cause of action accrues, and not thereafter:

(a) All contract actions, including personal contracts and actions under the "Uniform Commercial Code",

(B) All claims under the "Uniform Consumer Credit Code

He says the following makes credit cards 6 years:

Except the following actions shall be commenced within six years after the cause of action accrues and not thereafter:

(a) All actions to recover a liquidated debt or an unliquidated, determinable amount of money due to the person bringing the action, all actions for the enforcement of rights set forth in any instrument securing the payment of or evidencing any debt, and all actions of replevin to recover the possession of personal property encumbered under any instrument securing any debt;

Whose right? There's a small wager riding on this.:confused:

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I found this:

"Liquidated debt" and "unliquidated, determinable amount" construed. For purposes of determining whether this section or § 13-80-103.5 applies, a debt is deemed "liquidated" if the amount due is capable of ascertainment by reference to an agreement or by simple computation. A debtor's dispute of or defenses against such claim, or any setoff or counterclaim interposed, does not affect this result. Similarly, if a contract fixes a price per unit of performance, a claim based thereon is "determinable" even though the number of units performed must be proven and is subject to dispute. Rotenberg v. Richards, 899 P.2d 365 (Colo. App. 1995).

A liquidated debt is one where the amount the debtor owes is known, or capable of being easily calculated. For example, a loan is a liquidated debt; the damages owing in an auto accident are usually unliquidated until judgment is entered as they are unknown. A debt that is for a known number of dollars is liquidated. An unliquidated debt is one where the debtor has liability, but the exact monetary measure of that liability is unknown. Tort claims are usually unliquidated until a trial fixes the amount of the liability of the tort feasor.

Just knowing the way the C.R.S. reads and knowing the definitions, I would say that the SOL for credit card debt is 6 years although there are many sources on the net that say an open-ended account is 3 years but that particular little beastie is not addressed in the C.R.S.

There is an argument to be made for a 3 year SOL, however, Section 13-80-103.5 applies only when there is a contract between the parties. See Curtis v. Counce, P.3d (Colo. App. No. 99CA1958, Mar. 1, 2001) "As no contract exists between plaintiff and defendant Fletter, we determine that the district court properly applied the three-year statute of limitations." See Curtis v. Counce, P.3d (Colo. App. No. 99CA1958, Mar. 1, 2001)

"no Colorado appellate court has construed that portion of §13-80-103.5(1)(a) to pertain to §13-80-101(1)(h). Green Tree Financial Servicing Corp. v. Short, 10 P.3d 721 (Colo. App. 2000) (in replevin action to recover property encumbered under instrument securing debt, court implicitly relied on remaining two phrases of §13-80-103.5(1)(a))" and "In light of the legislative history of §13-80-103.5, and in the absence of a contrary appellate interpretation, we hold that the reference in §13-80-101(1)(h) to §13-80-103.5 does not pertain to the phrase "[a]ll actions to recover a liquidated debt or an unliquidated, determinable amount of money due to the person bringing the action."

It may be that if the plaintiff credit card company or JDB bringing suit can prove written contract, a 6 year SOL will apply and if they cannot prove written contract, then it is 3 years. You throw in the The Colorado Uniform Consumer Credit Code -- CRS 5-12-107(7) states, in part, "…a commercial credit plan shall be governed exclusively by this section and shall not be subject to any other law of this state that otherwise would apply to the commercial credit plan…" and the plain language of CRS 13-80-101, that states that all actions under the Uniform Consumer Credit Code are subject to a three-year statute of limitations. 13-80-101(g): "All claims under the "Uniform Consumer Credit Code", except section 5-5-201 (5), C.R.S." and it screws it up royally as to what the SOL really is.

Now that you're probably as confused as I was after reading all that, this whole post probably doesn't help much but since I went to the trouble of going on LN to look it all up, there it is in all it's ambiguous glory.

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