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Is Your Private Student Loan A Contract Under Seal?

September 20, 2014

In many private student loan cases in Maryland (as well as in other cases), the collection lawyer will argue that the statute of limitations is 12 years instead of 3 years.  The reason, they argue, is that many private student loan contracts are “contracts under seal.”  Lately I have seen a spate of private student loan contracts where the word “SEAL” does not appear anywhere on or near the signature line, and despite this absence, collection lawyers argue that it is still a contract under seal.  Maryland law seems clear that absent the word “SEAL” next to or near the signature, there is not a “contract under seal” and thus there is not a 12 year statute of limitations.Read More »Is Your Private Student Loan A Contract Under Seal?