Legal Question in Credit and Debt Law in Arizona
Arizona Statute of Limitations
Under the AZ statute 12-548. Contract in writing for debt; six year limitation
An action for debt where indebtedness is evidenced by or founded upon a contract in writing executed within the state shall be commenced and prosecuted within six years after the cause of action accrues, and not afterward.
Does the words ''EXECUTED WITHIN THE STATE' mean that if a contract was executed in PA 5 years ago, but we are now living in AZ and being taken to court in AZ that the 6 year statute of limitation has expired and it is really a 4 years for contract outside the state... and not the 6 for written or the 3 for credit cards?
1 Answer from Attorneys
Re: Arizona Statute of Limitations
The statute of limitations that applies depends upon what type of account the credit card holder has with the credit card issuer. If it is an open account (where there is the expectation of ongoing transactions), the statute of limitations may be three years from the last transaction with the credit card issuer. (A.R.S. � 12-543). Likewise, if there was no written contract with the credit card issuer, a three year statute of limitations may apply. However, if there was a written contract in Arizona with the credit card issuer, the statute of limitations may be six years from the last transaction. (A.R.S. � 12-548).
The term "Executed within the state" means that you entered the contract in Arizona.
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