On March 29, 2016, the Appellate Division, in the unreported case, NJHESAA v. Stribling, held that the statute of limitations for the collection of money relating to a promissory note for an NJCLASS student loan administered by the NJHESAA was subject to the 10 year statute of limitations.
The debtor, Stribling, argued that pursuant to N.J.S.A. 12A:3-118, the statute of limitations for an action to enforce a promissory note was six years after the payment was due.
The Court held that since the NJHESAA, the administrator of the NJCLASS Loan Program was a State agency, pursuant to N.J.S.A. 2A:14-1.2(a), the 10 year statute of limitation applicable to any civil action commenced by the State was the appropriate statute of limitations.