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Response to time limits in scotland

from m Amos (idgroms@hotmail.com)
Gill,

I have seen the following from the CML:

FSA currently finalizing rules to regulate the mortgage industry. These rules to be introduce during 2004 and will formally place a requirement on lenders to BEGIN recovery action for a shortfall debt within 6 years (5 years in Scotland) of the sale of a property following possession. (see,www.cml.org.uk/servlet/dycon/zt- cml/live/en/cml/pub_info_dept) I think I've typed the address OK.

However, I think you ought to check it with the Scottish Law Commission.

The UK Limitation Act 1980 states "an action upon a specialty shall not be brought AFTER the expiration of 12 years from the date on which the cause of action accrued".

I'm not sure if what the CML are saying is that they propose to make the "Voluntary 6 Year Code" law or whether they are talking about amending the limitation law.

I'll ask them.Mark.

(posted 8017 days ago)

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