Legal Question in Banking Law in Iowa
I took out a small personal loan 14 yrs ago and have not received a bank statement in 12 yrs. Can they still collect now? Can they take my boyfriends or mothers check if I go to cash it for them because I co sign it to do so? They say because my name is on it even though it is theirs they can take it for my loan.
Asked on 9/08/10, 7:47 am
1 Answer from Attorneys
Robert Luedeman
solo practitioner
The statute of limitations for action on an open ended account is five years. Any collection effort is barred, although that doesn't stop people from trying-collectors will buy stale debt for pennies on the dollar and then try to collect on it. I would not cash the check at the same bank, though.
Answered on 9/13/10, 8:08 am
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