Legal Question in Business Law in New Jersey

Re: Is There A 7 Year Law

UNFORTUNATELY, THE ONUS IS ON YOU TO VERIFY THE PAYMENT. IF YOU HAVE NOTHING IN HAND NOW, MAYBE YOU CAN GO BACK TO THE BANK WHERE THE CHECK WAS ISSUED. THEY WOULD HAVE YOUR BANK RECORDS. IF YOU CAN THINK OF THE MONTH OF PAYMENT, THEY COULD ORDER A TRANSCRIPT OF OF YOUR ACCOUNT, INCLUDING COPIES OF THE CHECKS ISSUED. EVEN BETTER IS IF YOU COULD GIVE THEM AN ACTUAL CHECK NUMBER AND DATE. OTHERWISE YOU MAY HAVE TO ORDER MANY DOCUMENTS TO FIND THE ACTUAL ONE YOU NEED. IF THE MATTER IS LITIGATED, THE CREDITOR WOULD HAVE TO EXPLAIN WHY THEY WAITED SO LONG WITHOUT CONTACTING YOU AND YOU COULD ARGUE STATUTE OF LIMITATIONS AS A DEFENSE. THIS WOULD REQUIRE LITIGATION AND DEFENSE WHICH COULD BE EXPENSIVE, SO CONTACTING YOUR BANK AT THE TIME COULD BE CHEAPER, ALTHOUGH FEES WILL BE INCURRED. YOU SHOULD ALSO CHECK ON WHAT THE STATUTE OF LIMITATIONS IS IN THE STATE YOU WERE LIVING IN WHEN THE DEBT WAS INCURRED, TO BE SURE THE GENERAL RULE OF 7 YEARS APPLIES.