Ken-Lu Enterprises, Inc. v. Neal

MARTIN, Judge.

The issue for our determination is whether the one-year limitation in the Federal Truth-in-Lending Act and the October 28, 1974 amendment to the Act as contained in 15 U.S.C. § 1640(h) bar the instant counterclaim.

Defendant admits that she did not file within the Act’s one-year period, but contends that G.S. 1-47 (2) permits such a filing within ten years under the following circumstances:

“Upon a sealed instrument against the principal thereto. Provided, however, that if action on a sealed instrument is filed, the defendant or defendants in such action may file a counterclaim…