Mar 10, 2007, 12:27 PM
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| Statute of limitations and credit card debt
[F] The 2002 Florida Statutes
Title VIII
LIMITATIONS Chapter 95
LIMITATIONS OF ACTIONS; ADVERSE POSSESSION View Entire Chapter
95.031 Computation of time.--Except as provided in subsection (2) and in s. 95.051 and elsewhere in these statutes, the time within which an action shall be begun under any statute of limitations runs from the time the cause of action accrues.
(1) A cause of action accrues when the last element constituting the cause of action occurs. For the purposes of this chapter, the last element constituting a cause of action on an obligation or liability founded on a negotiable or nonnegotiable note payable on demand or after date with no specific maturity date specified in the note, and the last element constituting a cause of action against any endorser, guarantor, or other person secondarily liable on any such obligation or liability founded on any such note, is the first written demand for payment, notwithstanding that the endorser, guarantor, or other person secondarily liable has executed a separate writing evidencing such liability.
WHAT DOES THIS MEAN EXACTLY? Does anyone know?  [/font]
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