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antknee

SOL clarification

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Is a lease considered an open account or written contract? Logic is telling me written but I’ve here due to how leases are paid, it could be open.

I’m in Virginia so it’s 3 vs 5 yrs difference.

 

thanks!

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Whychat, as always, thanks for the clarification. That’s really good news for me- im past 4 yrs on it.

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16 hours ago, antknee said:

Is a lease considered an open account or written contract? Logic is telling me written but I’ve here due to how leases are paid, it could be open.

I’m in Virginia so it’s 3 vs 5 yrs difference.

 

thanks!

Written contract. Open accounts are credit cards or charge accounts at stores. Actually, the statute says it is 4 years.

 

§ 8.2A-506. Statute of limitation.

(1) An action for default under a lease contract, including breach of warranty or indemnity, shall be commenced within four years after the cause of action accrued. By the original lease contract the parties may reduce the period of limitation to not less than one year.

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Thanks legaleagle2012... i just found an old lease i believe is reporting some wrong info and i wanted to be “ safe “ before i got into it with them on the subject. They’ve been reporting for a number of yrs, just didn’t want to end up in court.

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