Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Q & A on statute of limitations for judgments

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October 15, 2005

Q & A on statute of limitations for judgments

Q: I just had a restraint put on my bank accounts from a credit card debt from 1988 at which time a judgment was filed. Isn't this past the statute of limitations? I've read that the statute of limitations in New York is 10 years and on other sites I've read it is 20 years. So which is it? Also I got a credit report and it showed no judgments against me and I got approved for a mortgage and a car loan. If this judgment against me was still valid would I have been able to get these loans and wouldn't it have shown up on my credit report.

A: It is 20 years for the money judgments, check NY State assembly:
"
211. Actions to be commenced within twenty years.
(a) On a bond.
(b) On a money judgment.
(c) By state for real property.
(d) By grantee of state for real property.
(e) For support, alimony or maintenance.

(b) On a money judgment. A money judgment is presumed to be paid and
satisfied after the expiration of twenty years from the time when the
party recovering it was first entitled to enforce it. This presumption
is conclusive, except as against a person who within the twenty years
acknowledges an indebtedness, or makes a payment, of all or part of the
amount recovered by the judgment, or his heir or personal
representative, or a person whom he otherwise represents. Such an
acknowledgment must be in writing and signed by the person to be
charged. Property acquired by an enforcement order or by levy upon an
execution is a payment, unless the person to be charged shows that it
did not include property claimed by him. If such an acknowledgment or
payment is made, the judgment is conclusively presumed to be paid and
satisfied as against any person after the expiration of twenty years
after the last acknowledgment or payment made by him. The presumption
created by this subdivision may be availed of under an allegation that
the action was not commenced within the time limited.
"
The judgment should have been on the credit reports under Public Records.
May still appear as it takes up to 3 months now for credit agencies to update credit report trade lines.

 
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