Fleet National Bank v. Liberty
Supreme Judicial Court of Maine · 2004-03-18 · cited 17×
The case involved Fleet National Bank seeking to collect on three promissory notes totaling over $1 million that Michael A. Liberty and related partnerships had signed in 1991 and 1992 before an attesting witness. All notes were in default by 1996, and Fleet filed suit in 2002 along with a motion for attachment. Liberty argued that the six-year statute of limitations enacted in 1993 for negotiable instruments barred the action, while Fleet contended the twenty-year statute applicable to witnessed promissory notes controlled. The court held that the twenty-year limitations period applied, granting the attachment motion. It reasoned that the 1993 statute did not repeal the prior law by implication, given the absence of any legislative history or text indicating such intent and the presumption against implied repeals.