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Guest · Posted: Mon Apr 14, 2008 9:05 pm

I am confused by this topic. I know that open accounts
are for credit cards. What about a charge card?
Such as a sears card that can only be used at sears,
or a best buy card that can only be used at best buy.
Would this fall under the UCC codes or under consumer
protection?

I am confused on the term oral or written contract.
Credit and store charge cards don't fall under this category, do they?

If it helps, I live in Massachusetts and would like to
know the SOL on a Best Buy charge card. Most importantly
if you could direct me to where I can find the laws on it so I can print it up.

Also, what category would a gym membership fall under? thanks in advance.

bewildered@debt · Posted: Tue Apr 15, 2008 2:47 am

The SoL begins after the debtor defaults with the monthly payments. As much I understand, for any written and oral contract the SOL is of six years in your state, which implies that no case can be filed against you for not repaying the loan after this limit has crossed. However, your moral obligation still remains to pay-off the loan amount.

Any credit card account qualifies under the category of written contract, as all the terms and conditions are specified in a written document.

Posted: Tue Apr 15, 2008 3:39 am

Credit cards, whether bank cards [AMEX, Visa, MC] or store cards [BestBuy, Sears], are considered open accounts. That's because you can make additional charges as you see fit over the life of the card. Case law backs this up. Regardless, SOL in Massachusetts is six years for all categories of consumer debt.

http://www.cardreport.com/laws/statute-of-limitations.html

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