Pa. High Court To Define Time Bar On Loan Guarantys

Law360, Philadelphia (August 15, 2012, 7:34 PM EDT) -- The Pennsylvania Supreme Court agreed Tuesday to take up a case over whether state law defines loan guarantys signed under seal as contracts, which carry a four-year statute of limitations in the event of default, or instruments, which allow a 20-year statute of limitations.

After custom golf club maker Izett Manufacturing Inc. defaulted on a $50,000 business loan in 2005, Osprey Portfolio Inc. filed a confession of judgment against the company in 2010, seeking repayment. Izett, however, said the four-year statute of limitations had tolled....
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