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National Collegiate Student Loan Trust Choice of Law, Tolling and Contracts Under Seal


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Good Morning,

I have 4 student loans from GMAC now being held by various National Collegiate Student Loan Trust entities that were charged off in December 2012.  All of my loans have choice of law provisions which reference states other than the one I'm in and received the money in, which is Massachusetts.  The states listed are DE (2), PA (1) and UT (1).  While MA is a 6 yr SOL state, the others are 3, 4 and 6 respectively.  I know I am on the hook for the PA and UT loans, but believe I can fight the DE loans.  I am however concerned with the possibility of these documents being signed under seal.  I have done some research and the case law is not clear on the issue.  All of the notes lack a seal, but do state the following on the term sheet:


By my signature, I certify that I have read, understand and agree to the terms of and undertake the obligations set forth on all four (4) pages of this Loan Request/Credit Agreement G M.04-05.CRWO. I 0.0104 ("Credit Agreement"). I understand that any person who knowingly makes a false statement or misrepresentation on this form is subject to penalties, which may include fines or imprisonment. This Credit Agreement is signed under seal. I understand that I am not required to fax my signature on or to sign electronically this Credit Agreement and any related notices that requite signature. If I choose to fax my signature on this Credit Agreement and any related notices that require signature, I intend: (i) my fax or electronic signature to be an electronic signature under applicable federal and state law, (ii) any fax printout or printout of Lender's electronic record of this Credit Agreement and related notices to be an original document, (iii) to conduct business with the Lender by electronic records and electronic signatures, and (iv) that this Credit Agreement will not be governed by Article 3 of the Uniform Commercial Code, and my obligations under this Credit Agreement will not be subject to, but any transfer of my obligations will be subject to, Article 9 of the Uniform Commercial Code.


Is this enough to consider this under seal?  Has anyone dealt with this issue with NCSLT or another entity?  If so, how did it turn out?


So far, I have been sued in another state for one of these loans.  I was able to get that dismissed without prejudice.  I was sued in MA for another.  I was able to get that dismissed without as they filed in a lower court with a demand over that court's threshold.  NCSLT has never filed suit in the correct court in the county I am in Suffolk.  I am trying to negotiate a lump sum settlement with them, but we are getting to a number that I cannot manage with assistance from my parents on a note.


Any help would be greatly appreciated.


Thank you.

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