N.Y. Civil Practice Law and Rules 214-I – Certain actions arising out of consumer credit transactions to be commenced within three years
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* § 214-i. Certain actions arising out of consumer credit transactions to be commenced within three years. An action arising out of a consumer credit transaction where a purchaser, borrower or debtor is a defendant must be commenced within three years, except as provided in section two hundred thirteen-a of this article or article 2 of the uniform commercial code or article 36-B of the general business law. Notwithstanding any other provision of law, when the applicable limitations period expires, any subsequent payment toward, written or oral affirmation of or other activity on the debt does not revive or extend the limitations period.
Terms Used In N.Y. Civil Practice Law and Rules 214-I
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
* NB There are 2 § 214-i's