Hello I received a contract agreement to repay a debt i owe, however its asking for me to waive my right to a jury trial should I default. It also ask for me to waive my statute of limitations defense should i default.
Is this legal?
will it hold up in court?
You can waive your rights by contract & people do this all the time. It is perfectly legal & sort of stupid.
Hope this perspective helps!
Disclaimer: The materials provided below are informational and should not be relied upon as legal advice.
These are not illegal terms. However, you should understand the ramifications before you agree to these terms. Waiving jury trial means if there is a dispute between you and a lawsuit is brought, the case will be heard by the judge only. Waiving statute of limitations on defense means if you sue the creditor, the creditor will be able to assert a defense to your lawsuit even though the time limit for the creditor to raise that defense may have already elapsed. You should consult your own attorney to protect your legal rights.
For a contract claim, the parties typically waive jury.
However, as for the waiver of the statute of limitations, this would only be necessary if the claim appears to be barred by the statute of limitations. I can't tell why you would be willing to waive the statute of limitations if it could be a complete defense to the debt obligation. However, if it kicks in only if you default, the waiver might be okay.
Consult with your own attorney to fully understand your rights and obligations before you sign any agreement.
The information presented here is general in nature and is not intended, nor should be construed, as legal advice. This posting does not create any attorney-client relationship with the author (who is only admitted to practice law in the State of California). For specific advice about your particular situation, consult your own attorney.
The stipulate probably contains other provisions which you do not understand. You should pay a lawyer for 30 minutes to review the document. Does the agreement talk about credit reporting, i.e., having the creditor request the reporting agencies to "delete tradeline"? What about the IrS Form 1099-C?
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