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Guarantee/Statute of Limitation

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Orix Credit Alliance, Inc. v. Horten, 965 F. Supp. 481 (S.D.N.Y. 5/19/97). GUARANTEE/STATUTE OF LIMITATION – When does the statute of limitation on a guaranty begin to run? Is it when the lessee defaults? Is it when judgment is obtained against the lessee? The answer in New York is when the lessee defaults. The judgment does not create a "new debt" to begin the statute running again. Apparently, Texas and Oklahoma have cases which reached the same result.

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