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     | Tuesday, March 28, 2000 - 10:14 am  Does anyone know what the statue of limitations is in California regarding a collection account? I was told by them it was 7 years, but I think that's exaggerated.
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| | Tuesday, March 28, 2000 - 11:35 am It's four years in California but you should be aware that many times the agreement you sign with the company stipulates that the agreement will be governed by the laws of a different state than the state you live in. That might affect things.
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| | Tuesday, March 28, 2000 - 12:28 pm Here is where you can find out for sure. http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml BTW, it's Oral Agreements: 2,Written Contract: 4,Promissory Note:4,Open Ended Accounts: 2 for California.
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| | Tuesday, March 28, 2000 - 12:29 pm One more thing, the company gets to choose whichever state's statute of limitations they want to use: their own (state where they do business) or yours.
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| | Wednesday, April 12, 2000 - 07:51 am Does that mean if I get it thrown out of court in my state because the statute of limitations is up, the bank can then take me to court in their state where the statute of limitations has one more year to go?
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| | Wednesday, April 12, 2000 - 11:21 am Yes, I think. Where's one of the resident lawyers?
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| | Wednesday, April 12, 2000 - 11:47 am The summons delivered to me that seeks judgement was drawn up by a law firm in the state where I reside (NC). The promissary note was signed in another state (VA). The bank has offices and does business in both (and other) states. Promissory note signed 2-2-95 and no payments or correspondance was ever had again, by me, until summons was signed by their attorney 3-20-00 and delivered to me 3-25-00. I still have not responded or admitted anything. My wife and I signed the note to guarantee it for our company. The company no longer exist (sold 2-15-96) and all correspondance is addressed to company with my name and wife's name below.
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| | Wednesday, April 12, 2000 - 12:16 pm Wow, that is so complicated, I'm going to have to retract my answer and instead say "I don't know!" Sorry. You REALLY need to get a lawyer, if they get a judgement against you it will be collectable for ever.
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