What is the SOL in Maryland?

Hi Mess In MD

Welcome to the debt consolidation care forums. Your answer to the query regarding the SOL in the state of Maryland is as follows:

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
UCC: 4
Specialty: 12 (contract under seal)
Written Contract: 3
Domestic Judgment: 12
Foreign Judgment: 12

Please be informed of the Interest rate in Maryland

INTEREST RATE
Legal: 6%
Judgment: 10% or contractual

We will like to assist you further in case if you have any other query. Please visit the forum for regular updates.

Regards
Roxette

Hello Mess in MD,
Welcome to the forums.

As far as my knowledge goes, there are various statute of limitation for various form of contracts or agreement in the state of Maryland. I have given below the details of the SOL for various forms of agreement or contracts:

i. Under the Uniform Commercial Code, for a civil action

a)3 years from the date it accrues unless there is a breach of
contract in the sale of goods and services;

b) 4 years after the cause of action even if the party aggrieved is
not at all aware of the breach of contract.

ii. In case of promissory notes or any instruments under seal, bond, judgements, recognizance SOL is 12 years.

iii. Financing statement: As per Maryland, Commercial Law article Sec. 2-725; Courts & Judicial Proceedings Article Sec. 5-101-02, 9-403 the SOL is 12 years unless and until a continuation statement is filed by a secured party prior to six months to the end of 12 years.

It will be worth mentioning here, that SOL will be 3 years if the creditor can prove by documentary evidence that the debtor has agreed in good faith, to reaffirm his debts based on oral or written or by payment.

Hope you will find this information useful and do come back if you have further queries.

Regards,
Peter