Legal Question in Credit and Debt Law in Indiana

When does SOL begin on auto deficiency balance after repossession?

I have received information from other sites stating that when a repossession takes place, it voids the original written contract, then making it fall under UCC guidelines. Is this correct? And if so, does the SOL begin for the UCC guidelines on the date of repossession (with Indiana SOL of collecting on the deficiency balance 4 years)? Thanks for any information you could provide...


Asked on 4/28/03, 8:03 pm

1 Answer from Attorneys
John Bator Bator Redman & Shive

Re: When does SOL begin on auto deficiency balance after repossession?

No the contract and particularly the note is not voided and the lender can sue up to 10 years after the last collection-see an atty before it goes to sale-most offewr free intial consultations

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Answered on 4/29/03, 10:56 am


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