Washington, et al. v. Countrywide Home Loans, Inc., No. 12-3428 (8th Cir. 2014)
Annotate this CasePlaintiffs filed suit against Countrywide, alleging violation of the Missouri Second Mortgage Loan Act (MSMLA), 516.231 to 408.241 RSMo. On appeal, plaintiffs challenged the district court's dismissal of their claims as barred by the three-year statute of limitations of section 516.130(2). The court concluded that the MSMLA was subject to the three-year limitations period of section 516.130(2), not the six-year statute of limitations under section 516.420, pursuant to Rashaw v. United Consumers Credit Union. The court also concluded, under Missouri law, that the "entire damage" to plaintiffs was capable of ascertainment "in a single action" and the "continuing or repeated wrong" exception did not apply in this case. Accordingly, the court affirmed the judgment of the district court.
Court Description: Civil case - Missouri Second Mortgage Loan Act. In action alleging defendant violated the Missouri Second Mortgage Loan Act by imposing certain charges in connection with plaintiffs' second mortgage, the district court did not err in relying on this court's decision in Rashaw v. United Consumers Credit Union, 685 F.3d 739 (8th Cir. 2012) to determine that the claims were time-barred under Mo. Rev. Stat. Sec. 516.130(2) as the suit was filed more than three years after the plaintiffs' claims accrued; district court did not err in rejecting plaintiffs' argument that the suit was saved by the "continued or repeated wrong" exception to the statute of limitations.
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