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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 14556
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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Last year i requested advise on a finance company and my

Customer Question

hi last year i requested advise on a finance company and my exposure to a million dollar debt from 2008 and my request was could they bank rupt me and your responce was if they hadnt filed at court under limitation act the time limit was six years this
is the receivers for a finance company that went bust who are pursuing me ive read there quarantee and indemnity and now they are saying that the deed of gaurentee was done before the limitation act so doesnt apply so time limit is 12 years not six can you
help clarify regards
Submitted: 1 year ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 1 year ago.
The limitation period for a deed was 12 years under the previous Limitation Act and under section 59 of the act, if the cause of action arose before the 2010 act came into force, the previous act, with 12 years applied to a claim under a deed.. You need to look at the documents you signed and see what they say. If it is not a formal deed then it is a contract with a six year period. Under the Limitation Act 2010 this is a money claim whic h is six years. In your previous question you did not mention this was a deed of guarantee, so I thought this was just a money claim.

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