Legal Question in Credit and Debt Law in Texas

Texas SoL-Default on Auto Lease

I reside in the state of TX and here�s the situation: in 2005, I had a leased vehicle repossessed in May. The bank called early-April 2005 and advised that the account was over 60 days past due with the April payment approaching as well. The lease payments were due on the 13th of each month. A friend, for whom I leased the vehicle, finally submitted a payment on April 14th that covered the past due January and some of February payments to avoid repossession. However, the bank said because the full amount, including late fees through April, was not paid, the account was still in repossession status and they demanded the vehicle be returned.

Now, I am well aware of the 4 year SoL regarding the collection of debt. However, under Chapter16.004 (a)(3) of the Texas Civil Practice & Remedies Code the statue of limitations is four years after the cause of action accrues; i.e. the date on which the debt is declared to be in default. Given the timeline of events, what is the date on which this declared to be in default? Is it April 15, 2005? Or, February 14, 2005? The account has been charged off by the bank but is now being handled by a collections agency.

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