Legal Question in Credit and Debt Law in Nevada
There is a promissory note which contains the following clause:
"Governing Law: Venue � I understand that the Lender is located in the State of Utah and this Note will be entered into in the same State. Consequently, the provisions of this Note will be governed by federal laws and the laws of that
State to the extent not preempted, without regard to conflict of law rules."
If the debtor lives in CA or NV where the statute of limitations is 4 years and 3 years respectively for promissory notes, are courts in those jurisdictions likely to apply Utah's SOL of 6 years or the more favorable local ones for a bad debt suit ?
1 Answer from Attorneys
The "Statute of Limitations" is an affirmative defense in a lawsuit, which only applies when a defendant timely and properly raises it. Your attorney may have given you incorrect advice concerning the law in California and Nevada regarding the defenses available on a note duly executed and delivered in Utah, and governed by Utah law. Your attorney can explain further.
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