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This article appeared in Spot Delivery®. Reprinted with express permission from CounselorLibrary.com. Many finance companies, debt buyers, debt collectors, and collection law firms wrestle with the question of which statute of limitations to apply when collecting a deficiency balance on a retail installment contract. States often have different statutes of limitations for contracts or written promises to pay money than they do for sales of goods, like motor vehicles. A RIC is a credit agreement that evidences a sale where the buyer agrees to pay in installments, most often subject to a finance charge (interest). The RIC is not the only document memorializing the sale. In fact, it is not even the primary sale document; that s the buyer s order, purchase agreement, or bill of sale. But, by its nature, the RIC is about equal parts a sale agreement and a financing agreement, and those components are wound together tightly in the contract.

United statesMichael kaiserSuntrust bankUs courtGeorgia supreme courtCascade capitalSpot deliveryNinth circuitUniform commercial codeFair debt collection practices actஒன்றுபட்டது மாநிலங்களில்மைக்கேல் கைசர்சன்ட்ரஸ்ட் வங்கிஎங்களுக்கு நீதிமன்றம்ஜார்ஜியா உச்ச நீதிமன்றம்அடுக்கை மூலதனம்