Legal Question in Business Law in Maryland
state of limitations
what extends creditor's right to collect debt beyond
three yeasr?
Asked on 10/07/04, 6:53 pm
2 Answers from Attorneys
Robert Sher
Wagshal and Sher
Re: state of limitations
What you are inquiring about is the STATUTE of limitations. Generally, a creditor has 3 years from the date the debt is due to file suit for collection. If the debtor signed a promissory note, or a contract under seal (meaning the word "seal" appears on the signature line), the period is extended to 12 years. Once suit is filed, the length of time it takes to collect is irrelevant.
Answered on 10/08/04, 9:37 am
G. Joseph Holthaus III
Law Offices of G. Joseph Holthaus
Re: state of limitations
After having a judgment the statute of limitations no longer applies. Filing before the limitations period expires also permits collection.
Answered on 10/07/04, 8:37 pm
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