Usury or excessive charges — Statute of limitations
Applied in 2 court decisions — leading case Pacific Eastern Corp. v. Gulf Life Holding Co. (1995)
Most recently applied in Pacific Eastern Corp. v. Gulf Life Holding Co. (In Re Pacific Eastern Corp.) (August 1998)
Acts 1979, ch. 203, § 17.
(1) No action shall be brought on any claim for usury after three (3) years from the date of last payment of the same or foreclosure or court action, whichever ensues first.
(2) No action shall be brought on any claim for excessive loan charges, commitment fees, or brokerage commissions after three (3) years from the date of payment of the charges, fees or commissions.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.