Legal Question in Credit and Debt Law in Maryland
How long libel for debt
How long does the creditor have to sue a debtor after they have repossessed a vehicle.
In 1987 the creditor agreed to allow another individual to take over the payments of a vehicle originally financed by the first party then the second party defaulted and the vehicle was repossessed in that same year "1987". Now in 1999 they are trying to sue the debtor for full payment of the vehicle which they sold at auction and received some of the monies.
1 Answer from Attorneys
Re: How long liable for debt
In MD, the statute of limitations is generally 3 years. However, for instruments under seal, it is 12 years. It is likely that this latter provision is what your creditor is relying on. The documents and the facts should be gone over carefully with a lawyer, as it may be possible to avoid the application of this law.
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