[Babys68]

I had a car and it was repossed in 2001 and sold. Over the next 5 years I called the credit union twice and they said my account was settled up. I didn't write it down or request confirmation.

Last month, I got a letter demanding payment because the car was sold at auction and then ( I guess) the balance bought by a collection agency.
I called the credit union who sent the collection agency what looks like copies of letters the credit union sent me in 2001 saying the loan balance was not satisifed by the auction of the car after all.

My questions are these:

I signed a "security agreement" with the car as collateral in Iowa in 2000. I now live in Texas and the collection agency is in Minnesota. Who's laws about statute of limitations control?

And if I must abide by Iowa's laws, what is a security agreement? Is it a written contract or a promissory note?

Also, what constitutes verification of debt? Do they have to produce copies of the actual agreement?

I'm not sure what to do.

Thanks.

[jk]

[My questions are these:

I signed a "security agreement" with the car as collateral in Iowa in 2000. I now live in Texas and the collection agency is in Minnesota. Who's laws about statute of limitations control?

depends on how long and when you lived in each state compared to incurring the debt.

And if I must abide by Iowa's laws, what is a security agreement? Is it a written contract or a promissory note?

a security agreement is simply; you allowed the car as collateral for the loan. I believe you had a written contract.

Also, what constitutes verification of debt?

them sending you a letter telling you the credit union said you owe the money.

Do they have to produce copies of the actual agreement?

No, they will do that in court if it gets that far.

[Babys68]

Thank you. How do I determine the residency requirements to determine which venue/jurisdiction's laws to follow?
Does anyone know if Texas has a borrowing statute?