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Guest · Posted: Wed Jul 02, 2008 8:34 pm Subject: statue of limitation

Hi.
The credit card acct was opened when I was in California.
And I now reside in New York.
According to the Agreement, applicable law(s) are South Dakota Law and Federal Law.
So, which statue of limitation will be applied for this case.
And I could not find federal statue of limitation on open acct.
Is there someone knows the answer?
Thank you very much.

Guest · Posted: Wed Jul 02, 2008 8:40 pm Subject:

well, here's the rundown...

South Dakota and New York both have SOL of 6 years on open accounts, which is what credit cards are. California has a SOL of 4 years. So, since you live in NY now, following SD law is the same as following your home state's, at least as far as the SOL is concerned. I would check the laws carefully, as it is not by mistake that they would choose a particular state's laws to govern their contracts.