According to section 5 of the 1980 Limitations Act, all claims proceedings based on Insurance Contracts must be brought within 6 years.

Is a lender seeking to recover a mortgage shortfall debt made up in part of a subrogated action on behalf of the MIG insurer statute barred 6 years after the payout of MIG money, for this part of the alleged debt?

-- Mary Contrary (julywarned@hotmail.com), May 21, 2002

Answers

Yes - but I have yet to prove this theory! However I had a solicitor friend look at this a while back (unofficially) and he thought I was right about the MIG portion of any shortfall recovery action. See previous threads on this very subject!

-- Too scared to say (iwasduped@yahoo.com), May 21, 2002.