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A collection agency sent me a copy of an old promissory note from a Cashcall loan from 12/2004. In this copy one of the paragraphs reads- "The holder of this Note may delay or forgo enforcing any of its rights or remedies under this Note without losing them. I hereby, to the extent allowed by law, waive any applicable statute of limitations, presentment, demand for payment, or protest and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability" I'm in CA can they still collect on this debt?
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Tax Problem Resolution Attorney serving Lake Oswego, OR
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I've dealt with this very question with regard to a Cash Call claim. The California courts have held that a waiver of the Statute of Limitations contained in an agreement such as the one Cash Call has its borrowers sign MAY BE enforceable. Accordingly, it's very likely that you DO still owe the debt.
Answered on Jan 08th, 2013 at 8:16 AM