Why Chat's Credit Confiusion

TENNESSEE

Open Accounts : 3 years

28-3-105. Property tort actions - Statutory liabilities.

The following actions shall be commenced within three (3) years from the accruing of the cause of action:

(1) Actions for injuries to personalor real property;

(2) Actions for the detention or conversion of personal property; and

(3) Civil actions based upon the alleged violation of any federal or state statute creating monetary liability for personal services rendered, or liquidated damages or other recovery therefor, when no other time of limitation is fixed by the statute creating such liability.

Tn Statutes

This is the INCORRECT statute that was previously quoted for a 6 year SOL for Open Ended accounts,it is the CORRECT statute for WRITTEN contracts

28-3-109.

Rent - Official misconduct - Contracts not otherwise covered - Title insurance - Demand notes.

(a) The following actions shall be commenced within six (6) years after the cause of action accrued:

(1) Actions for the use and occupation of land and for rent;

(2) Actions against the sureties of guardians, executors and administrators, sheriffs, clerks, and other public officers, for nonfeasance, misfeasance, and malfeasance in office; and

(3) Actions on contracts not otherwise expressly provided for.

(b) The cause of action on title insurance policies, guaranteeing title to real estate, shall accrue on the date the loss or damage insured or guaranteed against is sustained.

(c) The cause of action on demand notes shall be commenced within ten (10) years after the cause of action accrued.

28-1-112. Application of foreign statutes.

Where the statute of limitations of another state or government has created a bar to an action upon a cause accruing therein, while the party to be charged was a resident in such state or such government, the bar is equally effectual in this state.

THIS MEANS IF YOUR FIRST DEFAULT WAS IN A STATE WITH A SHORTER SOL, THAT STATE'S SOL APPLIED

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THE FOLLOWING TENNESSEE STATUTE APPEARS TO ALLOW RE-AGING FOR A WRITTEN CONTRACT IF PAYMENT ON ACCOUNT IS BY A SIGNED CHECK

101. Writing required for action.

(b) (1) No action shall be brought against a lender or creditor upon any promise or commitment to lend money or to extend credit, or upon any promise or commitment to alter, amend, renew, extend or otherwise modify or supplement any written promise, agreement or commitment to lend money or extend credit, unless the promise or agreement, upon which such action shall be brought, or some memorandum or note thereof, shall be in writing and signed by the lender or creditor, or some other person lawfully authorized by such lender or creditor.

(2) A promise or commitment described in subdivision (b)(1) need not be signed by the lender or creditor, if such promise or commitment is in the form of a promissory note or other writing that describes the credit or loan and that by its terms:

(A) Is intended by the parties to be signed by the debtor but not by the lender or creditor;

(B) Has actually been signed by the debtor; and

CAUSE OF ACTION

28-1-102. Commencement at time of right to make demand.

When a right exists, but a demand is necessary to entitle the party to an action, the limitation commences from the time the plaintiff's right to make the demand was completed, and not from the date of the demand.

TENNESSEE CONSUMER PROTECTION STATUTES

TENNESSEE LEGAL CONSUMER PROTECTION DIGEST

Explanation of why an open ended credit card agreement is NOT a "contract" and is therefore NOT included in the "6 year contract" SOL

Tennessee's Statute of Frauds is codified at T.C.A. § 29-2-101, and provides that

(a) No action shall be brought:

(5) Upon any agreement or contract which is not to be performed within the space of one (1) year from the making thereof;

unless the promise or agreement, upon which such action shall be brought, or some memorandum or note thereof, shall be in writing, and signed by the party to be charged therewith, or some other person by him thereunto lawfully authorized.

T.C.A. § 29-2-101 (Supp. 1996).

IV. ELEMENTS OF THE CAUSE OF ACTION

A. Legal Contract

The first element of the cause of action is a valid, binding contract.

Legal prerequisites for a binding contract.

1. Basic Elements

In Tennessee, a "contract is an agreement, upon sufficient consideration, to do or not do a particular thing.

36 A contract contemplates a legally effective offer and acceptance,

37 and its terms must be sufficiently definitive to provide a basis for determining the existence of a breach and for providing an appropriate remedy.

38 A contract may be express or implied,

39 or written or oral,

40 but must result from a so-called meeting of the minds, which is construed primarily in an objective sense.

41 Other elements of an enforceable agreement include competent parties,

42 and lawful subject matter.

43 Valid contracts are free from fraud or undue influence, and must be consistent with public policy.

44 Lastly, the contract must satisfy any statutory formalities, such as the statute of frauds, codified in Tennessee at section 29-2-101 of the Tennessee Code, which requires certain contracts to be in writing to be enforceable.

45 By definition, this "legal contract" element is lacking with expired or terminated contracts.