Credit Fix CD

Is a credit card a WRITTEN CONTRACT or OPEN ACCOUNT?
Which SOL applies?

It depends on which state you live in.

If you have a written agreement, read it.

Contracts often specify the applicability of another state's laws.

Here is what I have found out so far. My research is not complete but I decided to post what I have so far.

Thanks to all the attorneys that supplied me the information.

Alabama:  (Open)

Closed End accounts, such as a promissory note, where all terms are
provided, including the original indebtedness, is 6 yrs from the breach.

Credit Cards are "open or running accounts" subject to 3 year statute of
limitations from the breach.

After the account has been charged off, collection agencies like to think the
account then becomes an "account stated".  The SOL for "account stated" in
AL is 6 years. The problem the debt buyers have in this type of theory is that they normally do not meet the requirements. First, the debt buyers normally only send a one sheet piece of paper to the consumer which does not "render and balance" the account. Second, the debt buyers will normally struggle with showing that there has been a "meeting of the minds" as to the amount that the consumer owes the debt buyer. Considering the debt buyer normally can't show anyone that it owns the alleged debt, it is difficult to see how the consumer could agree with the debt buyer on some amount. Finally, the last element is the consumer must "admit liability". The debt buyers try to prove this by arguing the consumer did not "object" to the letter described above - but we have not yet seen a case where the consumer admits liability.

Arizona:  (either)

Written - 5   Open - 3

A consumer lawyer should argue for the shorter period - open account.

Colorado:  (Written)

Court apply the 6 year SOL  

13-80-103.5. General limitation of actions - six years.

Illinois:  (Open)

Two recent federal court decisions issued this year which
summarize the dispute and cite the relevant case law. Bottom line:
Bank-issued (as opposed to credit union-issued) credit cards are subject
to Illinois' 5 year statute of limitations.

The two cases:  Ramirez v. Palisades Collection LLC, 2008 U.S. Dist.
LEXIS 48722, *15 (N.D. Ill. June 23, 2008) (Conlon J.);  Parkis v. Arrow
Financial Services, LLC, 2008 U.S. Dist. LEXIS 1212, *21-22 (N.D. Ill.
Jan. 8, 2008) (Coar, J.).

Kentucky:  (Written)

15 year SOL

Louisiana:  (Open)

3 year SOL

It's clear law in Louisiana.

Missouri:  (either)

Written 10  or  open 5

Which one applies has not been answered by the Missouri Supreme Court

Oklahoma: (written)

Title 12. Civil Procedure

Chapter 3
Section 95 - Limitation of Other Actions

Civil actions other than for the recovery of real property can only be brought within the following periods, after the cause of action shall have accrued, and not afterwards:

1. Within five (5) years: An action upon any contract, agreement, or promise in writing;