Consumer Credit Laws
New York State Consolidated Laws Civil Practice
Law & Rules Chapter 8
Article 2 ;213.
Actions to be commenced within six years:
where not otherwise provided for;
on sealed instrument;
on bond or note,
and mortgage upon real property;
by state based on misappropriation of public property
New York's borrowing statute, CPLR 202, states that an action based upon a cause of action which accrues outside of this state , the claim must be timely under both the law of New York and the jurisdiction where the claim accrued.
THIS MEANS THAT IF YOU DEFAULTED(CAUSE OF ACTION) IN A SHORTER SOL STATE,AND THEN MOVED TO NY, YOU MAY USE THE STATE'S SOL IN WHICH THE CAUSE OF ACTION ACCRUED (STARTED)
The Following Information Is NOT in general use, but is MY OWN
interpretation of the NY UCC code. It may be POSSIBLE to use a 4 year SOL
for a STORE charge account.
U.C.C. - ARTICLE 9 .PART 1. SHORT TITLE, APPLICABILITY AND DEFINITIONS
§ 9-109. Classification of Goods: "Consumer Goods";
(1) "consumer goods" if they are used or bought for use primarily for personal, family or household purposes;
4 Years- Sale Of Goods
Section 2--725. Statute of Limitations in Contracts for Sale.
(1) An action for breach of any contract for sale must be commenced within
four years after the cause of action has accrued. By the original agreement
the parties may reduce the period of limitation to not less than one year
but may not extend it.
§ 17-101. Acknowledgment or new promise must be in writing.
An acknowledgment or promise contained in a writing signed by the party to
be charged thereby is the only competent evidence of a new or continuing contract whereby to take an action out of the operation of the provisions of limitations of time for commencing actions under the civil practice
law and rules other than an action for the recovery of real property.
This section does not alter the effect of a payment of principal or interest.
NEW YORK STATE CREDIT REPORTING 5 YEAR DELETION RULE
§ 380-j. Prohibited information. (a) No consumer reporting agency
shall report or maintain in the file on a consumer, information:
(f) (1) Except as authorized under paragraph two of this subdivision,
no consumer reporting agency may make any consumer report containing any
of the following items of information. (i) bankruptcies which, from
date of adjudication of the most recent bankruptcy, antedate the report
by more than fourteen years;
(ii) judgements which, from date of entry, antedate the report by more
than seven years or until the governing statute of limitations has
expired, whichever is the longer period; or judgments which, from date
of entry, having been satisfied within a five year period from such
entry date, shall be removed from the report five years after such entry
(iii) paid tax liens which, from date of payment, antedate the report
by more than seven years or, a paid, satisfied or vacated tax lien
involving a purchaser, transferee or assignee in a bulk sale transaction
who has been deemed liable by the state tax commission for sales taxes
due from a seller, transferrer or assignor under subdivision © of
section eleven hundred forty-one of the tax law, where the receipt by a
credit reporting agency from such purchaser, transferee or assignee of a
notice, or true copy thereof, from the state tax commission to such
purchaser, transferee or assignee that his liability has been wholly
paid or satisfied or no longer exists, antedates the report by more than
(iv) accounts placed for collection or charged to profit and loss
which antedate the report by more than seven years; or accounts placed
for collection or charged to profit and loss, which have been paid and
which antedate the report by more than five years;