Legal Question in Credit and Debt Law in Florida

statute of limitations

I had a problem with a motor cycle loan back in 1986. I was sold a m/cycle that was supposed to be an 84 and when I tried to sell it I found that was an 82, not worth the loan value or any where near it. I tried to get some help but to no avail. Finnally someone at the bank said the bank would write it off and I never heard any more about it till today. $4173.52. If you want you can credit check me and see that I don't stiff people or creditors. This is a matter of principalto me. Is there something I can do or not do. Is there a time limit on collecting things or should I just go a head and pay the $1878.08 ful an final payment deal they have offered.


Asked on 4/09/01, 2:59 pm

1 Answer from Attorneys
Patrick Russell Russell Law Offices

Re: statute of limitations

Due to the time of the events you described, you would have to allege fraud against the seller of the motorcycle. The statute of limitations is typically five years but in fraud it is five years from the time you "reasonably" discovered the fraud. The whole issue is whether it is reasonable for you to discover this fraud fifteen years later. The seller would have a good argument that you should have discovered this situation earlier and will probably rely on a defense that this was a mistake and not fraud. This of course assumes that you can even locate the seller and still have all of your documentation for the transaction after fifteen years.

At this point, it may in fact be better to take the Bank's offer to settle as opposed to spending a lot of time trying to chase a seller from fifteen years ago.

Feel free to contact me if you should have any further questions.

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Answered on 6/10/01, 10:26 am


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