Helping a friend car was repossessed
Date: Wed, 12/23/2009 - 18:08
My friend had his car repoed over 5 years ago, it was a lease. He is trying to tell me the SOL is 6 years and he can be sued on it still. I told him it does not fall under a written contract, 6 year statute, and that it falls under UCC filings in our state. For a UCC filing and a lease the SOL is 4 years. Am I correct in thinking this??
Here is the law:
http://www.mass.gov/legis/laws/mgl/gl-106-2a-toc.htm
[COLOR=Red]Here is the statute of limitations:
Chapter 106: Section 2A-506. Statute of Limitations
Section 2A-506. (1) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within four years after the cause of action accrued. By the original lease contract the parties may reduce the period of limitation to not less than one year.
(2) A cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by the aggrieved party, or when the default occurs, whichever is later. A cause of action for indemnity accrues when the act or omission on which the claim for indemnity is based is or should have been discovered by the indemnified party, whichever is later.
(3) If an action commenced within the time limited by subsection (1) is so terminated as to leave available a remedy by another action for the same default or breach of warranty or indemnity, the other action may be commenced after the expiration of the time limited and within six months after the termination of the first action unless the termination resulted from voluntary discontinuance or from dismissal for failure or neglect to prosecute.
(4) This section does not alter the law on tolling of the statute of limitations nor does it apply to causes of action that have accrued before this Article becomes effective.
(5) This section does not apply to actions commenced under Section 2A-216.
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That's correct. SOL is 4 years from the date that the car was s
That's correct. SOL is 4 years from the date that the car was sold at auction and a deficiency balance remained.
Nascar, I have also found that SOL in Massachusetts for written
Nascar, I have also found that SOL in Massachusetts for written contract is 6 years. Can you clarify the difference between the two?
I believe UCC laws covers sales and commercial transactions. A w
I believe UCC laws covers sales and commercial transactions. A written contract does not fall under that. A written contract would be more of say,,,,,Uncle Tom lent money to brother in law Joe......They have a written agreement,or written contract, to repay. If Joe fails to repay, he can sue within 6 years.
Another written contract is if a band was signed to do a gig and never got paid, Say the band promotor took off with the money or didn't pay what he was supposed to.
That is about the best I can think on this subject. NASCAR will correct me if I am wrong.
