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  1. #1
    Join Date
    Apr 2008
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    on planet earth
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    Default Is A Student Loan A Promissory Or Written Contract?

    Hello,

    Is a private student loan considered a promissory note or written contract as far as the SOL is concerned.

    I have read the promissory note for a private student loan and it states:

    3. You are located in Ohio. My Application and Loan Agreement will be entered into in Ohio. Your decision on whether to lend me money will be made in Ohio. CONSEQUENTLY,THE PROVISIONS OF MY LOAN WILL BE GOVERNED BY FEDERAL LAWS AND THE LAWS OF THE STATE OF OHIO, WITHOUT REGARD TO CONFLICT OF LAW RULES. I agree that any suit I bring against you (or against any subsequent holder of my loan) must be brought in a court of competent jurisdiction in the county in which you maintain your (or the county in which such subsequent holder maintains its) principal place of business.
    Does this mean I cannot use my states SOL? Does anyone have any idea what state is the best to live, in regards to SOL?

    Thanks

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Student Loan: Promissory Or Written Contract?

    It's a Promissory Note.

    Does this mean I cannot use my states SOL?
    Yes, that's what that means.

  3. #3
    Join Date
    Apr 2008
    Posts
    1

    Default Re: Is A Student Loan A Promissory Or Written Contract?

    The student loan contract will say on top that it is a "Promissory Note," however I have found in Texas that the statute of limitations on a Negotiable Instrument (a Promisory Note) is ten years, while a contract is 4 years. When looking at the laundry list in the Uniform Commercial Code (which the Texas Business and Commerce Code closely follows) the student loan does not meet the requirements of a negotiable instrument, like it has no definite payment deadline when made. Thus it is a written contract. Also, the statute of limitations of Texas applies, not Ohio, because the statue of limitations is considered procedural, not substantial law. I would think your state would be similar. Don't give up.

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