Tag Archives: guaranty

Guaranty Holders May Face Shorter Time Period to Bring Action

The Pennsylvania Supreme Court has agreed to hear an appeal in Osprey Portfolio, LLC v. Izett, on the issue of the applicable statute of limitations for a loan guaranty that is signed under seal. In Osprey, the lender argued that a guaranty is an “instrument” which, if signed under seal, is governed by a 20-year statute of limitations pursuant to 42 Pa. C.S. 5529. The guarantor argued that a guaranty is merely a “contract” which is governed by a four-year statute of limitations pursuant to 42 Pa. C.S. 5525.

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