What is considered an open ended account in TN??

Oral Contract: You agree to pay money loaned to you by someone, but this contract or agreement is verbal (i.e., no written contract, "handshake agreement"). Remember a verbal contract is legal, if tougher to prove in court.

Written Contract: You agree to pay on a loan under the terms written in a document, which you and your debtor have signed.

Promissory Note: You agree to pay on a loan via a written contract, just like the written contract. The big difference between a promissory note and a regular written contract is that the scheduled payments and interest on the loan also is spelled out in the promissory note. A mortgage is an example of a promissory note.

Open-ended Accounts: These are revolving lines of credit with varying balances. The best example is a credit card account. Please note: a credit card is ALWAYS an open account. This is established under the Truth-in-Lending Act:

TITLE 15 > CHAPTER 41 > SUBCHAPTER I > Part A > ???? 1602
???? 1602. Definitions and rules of construction(i) The term ???????open end credit plan??????? means a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance. A credit plan which is an open end credit plan within the meaning of the preceding sentence is an open end credit plan even if credit information is verified from time to time.

Hope this helps some,
Ang

i do believe thou in tn it is 6 years unless i am wrong if so please enlighten me to the 3 year limit

Cresit cards are 6 years in Tennessee.

U can check the SOL here: budhibbs.com/statute_of_limitations.htm
Ang

Credit cards are six years in Tn due to strange statute language and plaintiff case laws.

Ang just so you know TILA has nothing to do with sols in state law. The individual statute or case law will define the sol for civil action and some states have ruled credit cards as written contracts. Our glorious state(La.) has ours defined quite well along with some case law to back it up.

Thnaks Cajun. Actually i JUST read that about credit cards on bud hibbs site!
Here it is:

Just to confuse me!
lol
Ang