The Colorado Statute of Limitations On Open-Ended Accounts
An open-ended credit account is one in which the creditor expects repeated transactions, such as credit cards and lines of credit. The Colorado Revised Statutes Title 13-80-101 sets forth the statute of limitations for suing on contracts in Colorado.
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Time Limit
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Under the provisions of the C.R.S. 13-80-101, a creditor has three years to file suit to recover money damages on an open-ended contract. This time limit also applies to any lawsuits based on fraud, misrepresentation and deceit arising from an open-ended contract.
Breach
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The statute of limitations starts to run when the cause of action accrues. The cause of action accrues in an open-ended contract at the time the breach of contract occurs. The breach of contract occurs at the time when a payment due is not made.
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Fraud
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In cases of fraud, misrepresentation and deceit, the statute of limitations starts to run when the cause of action is discovered or reasonably should have been. The "reasonably should have been" standard protects the parties from indefinite periods of liability.
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References
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