Minnesota Lawyer
Even though Missouri precedent suggests that Section 516.420 RSMo would extend a six-year statute of limitations to class action lawsuits filed against three Missouri credit unions alleging that by participating in a subprime motor vehicle lending and investment program the credit unions violated provisions of the Missouri Uniform Commercial Code, the time limit in Section 516.420 applied to penal statutes rather than civil actions to recover penalties and forfeitures and therefore the class action suits were subject to the five-year statute of limitations in sec. 516.120(2), or by the three-year statute of limitations in sec. 516.130(2) for actions ‘upon a statute for a penalty or forfeiture, where the action is given to the aggrieved party,’ and therefore the UCC claims were time barred under Missouri law. Judgment affirmed.
11-2327 Ragshaw, et al. v. United Consumers Union, et al., appealed from Western District of Missouri, Loken, J.
