State v. Cohen

This action seeks collection on a 1965 student loan note under which plaintiffs last advance was made on March 29, 1967. This action was commenced on February 16, 1988. Defendant’s cross motion for summary judgment was based upon the expiration of the Statute of Limitations.

Under any interpretation, defendant was in full breach of the agreement and, as of the time the last payment was due (June 1980), plaintiff had every reason to believe defendant had breached and repudiated each and every contractual obligation owed to it.* The purpose of the Statute of Limitations "is to bring finality to…