Pa. High Court Upholds 20-Year Time Bar On Default Actions

Law360, Philadelphia (May 29, 2013, 5:15 PM EDT) -- The Pennsylvania Supreme Court on Tuesday upheld a decision finding that default claims on loan agreements signed under seal are subject to a 20-year statute of limitations, rejecting arguments that the agreements should be deemed "instruments" allowing only a four-year window for legal action under state law.

In a unanimous decision, the justices said a business loan guaranty signed under seal by the owner of custom golf club maker Izett Manufacturing Inc. could not be considered a ‘contract’ bearing a four-year statute of limitations under the...
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