Premier Capital, LLC v. KMZ, Inc.
Premier Capital, LLC was in the business of debt acquisition, management, and collection. On July 3, 2007, Premier filed an action in the superior court alleging that it was the current holder of a sealed promissory note from Max Zeller Furs, Inc., executed on September 10, 1987, and that KMZ, Inc. was liable on the note as the successor in interest. The superior court granted summary judgment for KMZ on the ground that Premier's complaint was not timely filed under the six-year statute of limitations set forth in Mass. Gen. Laws ch. 106, 3-118. The Supreme Court reversed, holding (1) although the statute does apply to actions on a sealed promissory note, it only applies to causes of action accruing after its enactment in 1998; and (2) because Premier's cause of action accrued before the statute was enacted, and the note upon which Premier filed suit was executed under seal, Premier timely commenced its action against KMZ under the twenty-year statute of limitations governing actions on contracts under seal set forth in Mass. Gen. Laws ch. 260, 1. Remanded. View "Premier Capital, LLC v. KMZ, Inc." on Justia Law