Information on Statute of Limitations in Oklahoma - The Bills.com Blog

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Information on Statute of Limitations in Oklahoma

Question: Hi Bill, You list the statue of limitations in oklahoma as 3 years but that is for oral agreements, written contracts are 5 years. Wouldnt a credit card account be considered a written contract thus 5 years?? Thanks!

Answer: First, I must tell you that I am not an attorney licensed to practice law in Oklahoma, so I cannot provide you with specific legal advice regarding the statute of limitationsfor any specific cause of action. For a definitive answer to your question, I strongly encourage you to consult with an attorney in Oklahoma who is more knowledgeable regarding civil procedure in Oklahoma and state court interpretations of how the limitation of actions provided by state law apply to various situations. If you are interested in reviewing the Oklahoma Code of Civil Procedure yourself, it is available online at http://www.lsb.state.ok.us/osstatuestitle.html.

The question of which statute of limitations applies to credit card debt is a common point of contention between consumers and credit card issuers in many states; consumers frequently argue that the limitations for “open accounts” or “contracts not in writing” apply to credit cards, while credit card banks argue that their accounts are based

on written contracts. Unlike standard written contracts, credit cards contracts are not for a fixed amount, nor does the consumer sign a new credit contract each time a loan is provided (i.e., each time a consumer makes a purchase). However, creditors have argued, successfully in some cases, that the statute of limitations for “contracts in writing” should apply to credit cards, since the original agreement establishing the account was in writing. Basically, which statute of limitations is applied will depend on the decision of the court hearing the lawsuit in which statute of limitations is raised as an affirmative defense. On several occasions, I have seen courts in Oklahoma apply the five year statute of limitations for written contracts to credit card agreements. However, I have also seen them apply the three year statute of limitations for open and unwritten contracts. In order

to determine which statute of limitations will likely apply in your case, you should consult with an attorney to whom you can explain the details of your case, allowing you to make a truly informed decision.

While I believe the information available on Bills.com is accurate, we cannot guarantee its accuracy, as the information we provide is very general and may not be 100% up-to-date. You must speak with an attorney in your state before making any decision about how to handle your financial future. I wish you the best of luck in resolving your debts; for more information about the options available to consumers struggling with debts, I encourage you to visit our debt help section.

I hope that the information I have provided helps you Find. Learn. Save.

Best,
Bill
www.bills.com/blog/

Also, make sure to get a free financial health check-up with Bills IQ!

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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!

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