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The Statute of Limitations

When Acme Collections sent out some letter trying to collect a charged-off bank loan, Herbert Lehman was on the phone two days later.

"This is Herbert Lehman and I just received this summons of complaint. I don't understand, because this loan is over five years old, and I'm told the Statute of Limitation is three years. How can you institute suit on this?"

"Well Mr. Lehman, I suggest that you consult your attorney and assert your defense of the Statute of Limitations, and we'll proceed from there," the Acme representative told him. "In the meantime, you can save attorney fees by settling this case."

"I don't want to settle this case. I don't owe the money because the Statute of Limitations has run, and I guess if I have to get an attorney I'll get an attorney."

"That's your prerogative."

Is Lehman's position sound?

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