Hassler v. Account Brokers of Larimer County, Inc.
Annotate this CaseThe Supreme Court reviewed a district court order that upheld a county court's decision that a six-year stattue of limitations did not bar Respondent Account Brokers of Larimer County, Inc.'s claim against Pettiioner Daniel Hassler. Petitioner financed the purchase of a vehicle by entering into a security agreement with Account Broker's predecessor-in-interest in which the vehicle served as collateral. Petitioner defaulted on the loan, and the predecessor repossessed the vehicle and later sold it at auction. The precedessor applied the proceeds of the auction to the balance of the loan. The proceeds were insufficient to cover the balance; thus Petitioner was still held responsible for the deficiency. The debt was eventually transferred to Account Brokers who sued Petitioner to recover the deficiency less than six years after the vehicle was sold. The county and district courts ruled in favor of Account Brokers, determining that the statute of limitations did not bar Account Brokers' claim. Upon review, the Supreme Court reversed, holding that the controlling issue was not the date that the debt was made liquidated or determinable but the date the debt accrued. "[U]nder Colorado law and the express terms of the parties' agreement, the present debt became due when it was accelerated following [the predecessor's] repossession of the vehicle and demand for full payment on the debt, which occurred more than six years before the initiation of the present suit. Accordingly, the action [was] barred by the statute of limitations."
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