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What does New York and Indiana case law/statute say regarding "Account Stated" on a written lease agreement for equipment rental (with option to buy for $1 at the end of satisfied payments). Financing Company based in Indiana. Is the "Account Stated" the creditor's loop-hole? If I received a bill, can that bill restart the statute of limitations in Indiana or New York?
Does the statement have to come from FF leasing company?
Would a letter or email from an attorney be defined as a statement?
Would a letter or email from a creditor be defined as a statement?
A: All of the answers are uncertain. The account stated was originally intended for use by merchants in commercial transactions who had various transactions between them, and the statement is intended to clarify the amount due, unless an objection is made. Nothing like that appears from your stated facts.
Hope this helps.
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