Legal Question in Credit and Debt Law in Texas
Collections
I had an account with credit lender in December of 96, It has since been purchased by another company, I know the SOL in texas is 7 years does that time restart since it has been purchased again. Thanks for your time.
Asked on 6/03/02, 7:07 pm
2 Answers from Attorneys
Michael Dover
Michael A. Dover, PC
Re: Collections
The statute of limitations for debt is 4 years in Texas. The statute of limitations begins to run from the date that the debt matures.
Answered on 6/04/02, 10:32 am
Peter Bradie
Bradie, Bradie & Bradie
Re: Collections
The SOL starts to run on the date the note was due and payable, and was not paid. When did you default in making your payments? That date starts the clock, not when the paper is sold or re-sold.
The SOL for a contract in Texas is four years, and not seven.
Answered on 6/03/02, 7:37 pm
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