What if my Note is purchased by a third-party. How long do they have to sue me?

Question.What if my Note is purchased by a third-party. How long do they have to sue me?

Answer: In Texas, the answer is settled, but in other states this answer may vary. In FDIC v. Bledsoe, 989 F.2d 805 (5th Cir.1993),the Fifth Circuit held that assignees of the federal government are entitled to the six-year statute of limitations set forth in section 2415(a). Many other courts have agreed. i.e., the six-year limitation contained in the applicable federal statute of limitations applies to assignees of the federal government’s right to recover on a bank loan.  Tivoli Ventures, Inc. v. Bumann, 870 P.2d 1244, 1246 (Colo.1994) (six-year limitation period contained in 28 U.S.C. 2415(a) applied to assignee of the federal government);  Jon Luce Builder, Inc. v. First Gibraltar Bank, 849 S.W.2d 451, 455 (Tex.Ct.App.1993) (same);  Mountain States Fin. Resources Corp. v. Agrawal, 777 F.Supp. 1550, 1552 (W.D.Okla.1991) (six-year limitation period contained in 12 U.S.C. § 1821(d)(14)(A)(i) applied to assignee of the federal government);  Fall v. Keasler, No. C-90-20643 SW, 1991 WL 340182, *3 (N.D.Cal.1991) (same);  White v. Moriarty, 15 Cal.App.4th 1290, 19 Cal.Rptr.2d 200, 203 (1993) (same);  Cadle Co. II v. Lewis, 254 Kan. 158, 864 P.2d 718, 724 (1993) (same).

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