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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 41220
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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My name isXXXXX was an RMO since 1996 until I resigned

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My name isXXXXX was an RMO since 1996 until I resigned in 2006, due to my age. I stayed with the corporation as a helper in estimating. I resigned my qualifications as an RMO and as an officer. In 2002 I signed the indemnity agreement for surety on performance and payment bonds, which was cancelled after 2 years and I signed a new one in 2005. The surety is suing me even though the corporation notified them by email and in writing that I am no longer an RMO for the corporation. A Mr. Walker qualified for the new C10 license and took over as an RMO and the corporation had new officers. My questions is what is the Statue of Limitation to collect money on the 2005 indemnity agreement, since there was a new agreement signed by Mr. Walker and new officers? The bonding company and surety company tell me that I am still responsible for the 2005 agreement since I was the only one that did not file bankruptcy. The corporation filed Chapter 7 in Aug/Sept of 2011. The 2005 agreement was stopped until the new 2007 agreement was signed by Mr. Walker. Please advise the Statue of limitation and any responsibility that I may have. Thank you.

Thank you for your question.

If I may ask, is this a California contract, or was a different state was used for this contract?

Customer: replied 4 years ago.

This was a California Contract.

Thank you for your follow-up.


In California the statute of limitations on a signed contract is generally 4 years. If this was re-signed in 2007, then technically the debt is beyond the statutory limitation unless the other party re-signed and re-assumed the debt. You personally are no longer liable in any way since you left the picture in 2006 (or 6 years ago). You are beyond the statutory threshold at this point.

Good luck.

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