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#658499 - 12/28/06 06:48 PM Record Retention
starfish Offline
Gold Star
starfish
Joined: Jun 2003
Posts: 416
Seattle
How long do you keep paid off loan files? It seems that the financial institutions I've worked for kept them 7 years but I can't find anything to support that in the record retention rules. Thanks for any feedback you can give!

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#659019 - 12/29/06 04:18 PM Re: Record Retention starfish
'Lil Freak! Offline
10K Club
'Lil Freak!
Joined: Sep 2005
Posts: 10,596
The psych ward
Take a look at RCW 4.16.040--Limitation of Actions. It states that an action on a contract in writing must be brought within six years. This would be applicable to promissory notes.
_________________________
No, I didn't lose my mind. It got scared and ran away.

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