Any experiences with SOL being longer in "governing state" ?

[ThickBurger]

Any one have any experiences (or case law) where the SOL on a written contract is longer in the state specified in the contract?

For example. Note executed in FL and borrow resides in FL. In the contract, "governing law" is OH.

Which SOL applies? Case law would be great.

[KentWA]

Very simple, do not argue Ohio law. If this is a JDB they are not going to be smart enough to bring up Ohio SOL. Besides:

Traditionally, Florida courts would apply Florida's statute of limitations to bar a claim that arose in a foreign jurisdiction if Florida's limitation period was shorter. Brown v. Case, 80 Fla. 703, 86 So. 684 (1920).

[ThickBurger]

Very simple, do not argue Ohio law. If this is a JDB they are not going to be smart enough to bring up Ohio SOL. Besides:

Thanks for this.

This is an OC (Keybank). Last payment was 7+ years ago. I'm sure they will want to argue OH Law

[BrunoTheJDBkiller]

Let them, Ohio SOL is 6 years. That's dead too. Are they located in Ohio? Never heard of them before. What kind of account? Credit card, what? Ohio has some good case law for stuff like this. You're not in Ohio, and FLA most likely will tell them to kiss off. Go homestead your house if you own one.

[ThickBurger]

Let them, Ohio SOL is 6 years. That's dead too. Are they located in Ohio? Never heard of them before. What kind of account? Credit card, what? Ohio has some good case law for stuff like this. You're not in Ohio, and FLA most likely will tell them to kiss off. Go homestead your house if you own one.

This is a promissory note/written contract. SOL for that is 15 years in OH. Not a very consumer friendly state to live in eh?

Hopefully FL law stands.

[DonqIII]

Thanks for this.

This is an OC (Keybank). Last payment was 7+ years ago. I'm sure they will want to argue OH Law

Keybank , and a credit card creditor, is an Ohio bank, but under Citi.

that is S.D. and is 6 years for SOL.

However, Thick Burger, what is written in your agreement regarding

choice of law?

Edited August 27, 2012 by DonqIII

[BrunoTheJDBkiller]

Promiisory notes are different from credit cards. They are negotiable instruments and are subject to different laws. We need a total history of this dispute. This could be complicated.

[BrunoTheJDBkiller]

Promissory notes are different from credit cards. They are negotiable instruments and are subject to different laws. We need a total history of this dispute. This could be complicated.

[KentWA]

All of KeyBank Terms and Conditions for all forms of credit list Ohio as the Choice of Law. They also have an Arbitration Provision that is universal to all KeyBank accounts and even the use of their web site. It lists JAMS, with NAF second, as the forum which can cost them a ton of money. Interestingly, they list the consumer as the one to chose the forum and they can not recovery attorney fees.

[DonqIII]

All of KeyBank Terms and Conditions for all forms of credit list Ohio as the Choice of Law. They also have an Arbitration Provision that is universal to all KeyBank accounts and even the use of their web site. It lists JAMS, with NAF second, as the forum which can cost them a ton of money. Interestingly, they list the consumer as the one to chose the forum and they can not recovery attorney fees.

There was am alleged Keybank Visa opened in 1990 and it was allegedly defaulted on in 2008.

When opened it was under Keybank and at some point the Citibank name became attached to it.

On a 2010 Experian report there is a post of ( this is a copy and paste, with the zccount number redacted.)

KEYBANK

CITI CARDS CBSDNA

Address: Account Number:

PO BOX 6497 XXXXXXXXXXX....

SIOUX FALLS, SD 57117

In 2009 there was an agreement that arrived for this account.

It states only the Citibank name.

Copied and pasted from that agreement is............

Governing Law and Enforcing our Rights

Governing Law. Federal law and the law of South Dakota,

where we are located, govern the terms and enforcement of

this Agreement.

How Arbitration Works

How does a party initiate arbitration? The party filing an

arbitration must choose one of the following two arbitration

firms and follow its rules and procedures for initiating and

pursuing an arbitration: American Arbitration Association or

National Arbitration Forum. Any arbitration hearing that you

attend will be held at a place chosen by the arbitration firm

in the same city as the U.S. District Court closest to your

then current billing address, or at some other place to which

you and we agree in writing. You may obtain copies of the

current rules of each of the arbitration firms and forms and

instructions for initiating an arbitration by contacting them

as follows:

American Arbitration Association

1633 Broadway, Floor 10

New York, NY 10019

Web site: American Arbitration Association

National Arbitration Forum

P.O. Box 50191

Minneapolis, MN 55405

Web site: National Arbitration Forum

Currently in 2010, this same alleged account is listed under the

credit reporting agencies and Citibank but with the Keybank account

number.

So, all is not necessarily covered under Ohio Law.

My parent has a Keybank account. A visa one. And it is current.

Keybank is on the billing statements and so is Citibank.

[BrunoTheJDBkiller]

So says Mary Tyler Moore. Keep your legs crossed.

[DonqIII]

So says Mary Tyler Moore. Keep your legs crossed.

And I can write reading, Can't your read writing.

[Cliff2009]

I was wondering about this also. I was tempted to add arb election to a DV but the only arb was AAA. The last pay date for passing the SOL in my state was a couple weeks away but another year in the arb agreement.

I hope I did the right thing by not electing arb in this case. It seems like it makes sense, I am now past the SOL so I will see what transpires.

[ThickBurger]

Promissory notes are different from credit cards. They are negotiable instruments and are subject to different laws. We need a total history of this dispute. This could be complicated.

This is a 100% private student loan, not in any Federal Database, not backed by a non-profit agency. I know it can't be discharged, but SOL applies to these loans.

Balance is $80k. There is a co-signer involved.

No lawsuit yet, just curious on what would happen. I was recently contacted after 3 years of not hearing anything, and was offered a settlement of about 50%. Key bank still owns the debt, it has not been sold.

FL SOL = 5 years. OH SOL=15 years. Last payment was in 2005.

I have attached the Governing Law Clause from the Promissory note.

Should I pony up and settle? Should I wait for a suit? Will this just go away (Credit Bureaus says it will drop off next year)

Thanks.

Edited August 29, 2012 by ThickBurger

[BrunoTheJDBkiller]

For 80 grand, this isn't going away. Eventually they will sue, and the co-signor will be responsible as well. It isn't impossible to use BK, but you must prove hardship, so does the co-signor. Some good info here:

Student Loans & Bankruptcy | Student Loan Borrower Assistance

[ThickBurger]

For 80 grand, this isn't going away. Eventually they will sue, and the co-signor will be responsible as well. It isn't impossible to use BK, but you must prove hardship, so does the co-signor. Some good info here:

Student Loans & Bankruptcy | Student Loan Borrower Assistance

Right, and I agree. Which is why I'm researching/studying on whether I should accept the settlement.

But if there is good chance that FL SOL will be applied, I am going to fight it.

[BrunoTheJDBkiller]

Then file a motion to dismiss based upon a time barred debt and see what happens.