Presently a major deterrent to bank panics in the United States?

I had an unpain bank loan in united arab emirates 8 years ago.i'm now living in united states.?

  • if bank will sue me because of that loan,they will have to sue me accdng to the law of united states,since this is where i live.and the law here is that any type of loans has ...show more

  • Answer:

    When they take over the US it won't matter, you will be stoned to death in the town square anyway.

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no, if the loan you have taken was in the UAE then the laws if the UAE should apply because when you adhered to the contract you accepted the terms of the same state without limitations. so even though they may sue you for repayment they can still do it the usa and the us courts should apply the UAE laws.. every law and judge have their own way to interpret and apply.. this however should be the good and correct interpretation. while you could be tried in the US for repayment, there cannot be any criminal procedings, if the crime in the usa has already overrun the presciption time. when you don't pay a bank loan and flee a country and the bank report you will have it in your record, and you might even get arrested upon return to any GCC country.. depending on the amount, UAE if amount is more discreet. this is standard procedure worldwide

imhawda

They can sue you twice, once in the UAE under the laws there and once in the US under the laws here. The suit may not fall under the US statue of limitations as the loan was not made in the US and under US law. If you owe it, they can ask for or demand payment or attach assets, force a bankruptcy or make you pay taxes on it by charging it off and sending a 1099E listing the loan amount as income.

DNT

like others have stated , US law does not apply to this loan . UAE law will apply since you got the loan in UAE . But the bank will have to answer why they waited this long.

wOrD of mOuSe

if they have done nothing about it in the last 8 yrs then i think it unlikely they will do so now . as u say there is a time limit and im sure there is one there too. u dont mention the size of the loan but i doubt it worth their while pursuing u to the u.s.

Bren

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