A loan guaranty executed under seal is an "instrument" governed by the 20-year limitation period in Section 5529(b)(1) of the Judicial Code, the state Supreme Court has ruled.
In so holding, the unanimous court rejected the argument of George Izett, the guarantor of an $85,000 debt, that the four-year limitation in Section 5525(a)(8) of the Judicial Code on actions upon a contract, obligation or liability, under seal or otherwise, applied to the case of Osprey Portfolio v. Izett. The four-year statute may have allowed Izett to avoid a legal obligation to pay the debt after he filed a petition to strike or open judgment. Following the court’s May 28 ruling, however, Izett’s interpretation has been rejected by each of the three tribunals before which it has appeared.
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