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B)l DC• AMØ U*% Oè[æCË)Aô B5 D3R{…v~ 0@~vÓ¾ AO‘#Æà# 0D¦$ D/ê$ B%(ÖÃ9 Z ‹6Times New Roman RegularX($¡¡ fDgDhDiDjDkDlÀmDnÓ€xDÒ 3|xx((3úÝ$¤¤Ý ƒ!ÝÝ  Ýà  àòòÚ  Ú0Ú  Úóó(#Ã$òòÚ  Ú0Ú  Úóó2 ÿÿ0Indent1Ô2ÔÔ3  Ô2" ÿÿ0Indent2à0 àÔ2ÔÔ3  Ô2, ÿÿ0Indent3à0 àà0 àÔ2ÔÔ3  Ô26 ÿÿ0Indent4à0 àà0 àà0 àÔ2ÔÔ3  Ô2@ ÿÿ0Indent5à0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô2J ÿÿ0Indent6à0 àà0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô2T ÿÿ0Indent7à0 àà0 àà0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô2^ ÿÿ0Indent8à0 àà0 àà0 àà0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô  ÿÿ?AGMSYaioIndent0I.A.1.a.(1)(a)i)a)P ÿÿ8Mac DefaultMac DefaultÓ ` °šXÓ< Œ 9p`(&Times New Roman% Line 7 d 7Border 1dd€-!Cþÿ << Gÿÿ< Œ 9p`(Arial Ý ƒ!ÝÑ  ÑÑ#€d#ÑÔ€ÔÝ  ÝÔ€#ÔÔ€#ÔÓ  Óò òÔ YYY ÔFILEDÔ€#XÔÌÌMay€28,€1997ÌÌCecil€W.€CrowsonÌAppellate€Court€ClerkÔ  Ôó ó ÞÝ ƒ!ÝÑ#€d#ÑÔ€ÔÝ  ÝÝ ƒ $Ýà àòòÚ  ÚÚ  ÚóóÝ  Ý€€Currently€codified€at€Tennessee€Code€Annotated€section€28„2„111(a)€(1980).Ì ÜÝ ƒ!ÝÑ#€d#ÑÔ€ÔÝ  ÝÝ ƒ $Ýà àòòÚ  ÚÚ  ÚóóÝ  Ý€€Currently€codified€at€Tennessee€Code€Annotated€section€€28„3„109€(1980).Ì ÁÝ ƒ!ÝÑ#€d#ÑÔ€ÔÝ  ÝÝ ƒ $Ýà àòòÚ  ÚÚ  ÚóóÝ  Ý€€òòò òLawman€v.€Barnettóóó ó,€180€Tenn.€546,€563„65,€177€S.W.2d€121,€127„28€(Tenn.1944).€€ÏThere€is€a€discrepancy€between€South€Western€Reporter€Second€Series€and€Tennessee€Reports.€ÏThe€above€quote€cites€code€section€8600.€€This€is€the€way€the€opinion€reads€in€Tennessee€Reports,Ïbut€in€South€Western€Reporter€Second€Series€the€quoted€section€cites€code€section€8601.€€It€is€theÏopinion€of€this€court€that€Tennessee€Reports€is€correct.€€In€addition,€we€must€note€that€this€sameÏerror€is€found€in€a€second€portion€of€the€opinion€omitted€in€the€above€quote.Ì 7Ý ƒ!ÝÑ#€d#ÑÔ€ÔÝ  ÝÝ ƒ $Ýà àòòÚ  ÚÚ  ÚóóÝ  Ý€€òòò òSee€Consumer€Credit€Unionóóó ó,€801€S.W.2d€at€824„25;€òòò òFarmers€&€MerchantsÏBank€v.€Templetonó óóó,€646€S.W.2d€920,€923€(Tenn.€App.€1982).€€The€case€law€states:€€ð ðWe€holdÏthat€in€matters€of€installment€notes€containing€acceleration€clauses,€the€cause€of€action€as€to€futureÏnon„delinquent€installments€does€not€accrue€until€the€creditor€chooses€to€take€advantage€of€theÏclause€and€accelerate€the€balance.ðð€€òòò òFarmers€&€Merchants€Bankó óóó,€646€S.W.2d€at€923.€€TheÏfacts€of€this€case€reveal€the€note€was€an€installment€note€with€an€acceleration€clause€and€the€holderÏtook€advantage€of€the€acceleration€clause€prior€to€initiating€foreclosure€proceedings.Ì d))))'ÿÿdxd qÝ ƒ!ÝÑ#€d#ÑÔ€ÔÝ  ÝÝ ƒ $Ýà àòòÚ  ÚÚ  ÚóóÝ  Ý€€For€the€purposes€of€this€analysis€we€will€assume€the€federal€statute€applies€to€ICS.€ÏClearly,€section€1821€applies€to€RTC.€€The€term€Corporation€is€defined€as€the€Federal€DepositÏInsurance€Corporation€(ð ðFDICðð).€€12€U.S.C.€ðð€1811€(Supp.€1993).€€RTC€and€the€former€FSLICÏare€themselves€corporations,€but€are€under€the€exclusive€control€of€the€FDIC.€€Thus,€section€1821Ïapplies€to€them€as€well.€€òòò òSee€id.ó óóó€ðð€1441a(b)(4)(A)€(Supp.€1993).€€Ìà àICS,€however,€contends€section€1821€applies€to€it€based€on€the€application€of€the€commonÏlaw€principle€that€a€transferee€receives€all€of€the€rights€held€by€the€transferor€to€enforce€theÏobligation.€€Despite€ICSððs€insistence,€there€is€conflict€among€the€various€federal€and€state€courts€asÏto€whether€section€1821(d)(14)€applies€to€RTCððs€assignees.€€òòò òCompare€Federal€Fin.€Co.€v.ÏHallóóó ó,€108€F.3d€46,€49„50€(4th€Cir.€1997),€òòò òwith€Cadle€Co.€v.€1007€Joint€Ventureóóó ó,€82€F.3dÏ102,€105€(5th€Cir.€1996).ÌPtPtHHÚ(ÿáÿâùFG(üHHÚ(d'h("ÿÿ$££Ò  ÒÒ  ÒStyl{WP}01•ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃà Ãà Ãà Ãà Ãà ÃÃÃÃÃÃÃÃÃÃÃÐ ÐÐHHÐÐ  ÐÐ2ÐÐÿÿ¸æ$ÿÐÐHHÐÐÐÐÐÐÐÐ  ÐÐ ÐÐ ÐÑÑÑGenevaÑÑ ÑÑ € ÑÑ<Px–ÈÑÒÒÒ443!#4ÒÒ$ *$ÒÒ$*$ÒÒ ÿKK ÒÒ  Geneva ÒÒ  Geneva ÒÓ.,ÓÓÓÓ6ÓÓ ÓßßßßßßßßßßßßßßßßßßÑGenevaÑÑ ÑÒ  h HD: Geneva ÒÒ  h HD: Geneva Ò€-‚ƒCþÿ<< CÿÿƒLevel 1Level 2Level 3Level 4Level 5($$””ò òÚ  Ú1Ú  Úó ó„„'÷ÿ dxdüÿP PdÝ ƒ!ÝÔ . ÔÔ€ÔÝ  Ý›Ñ\R AØ'\ÑÑ\R AØ'\ÑÔ€¼ÔÑ7€EXXdìdÈ7ÑÑ  ÑÞ ÞÌInternational€Collection€Services,€Inc.,à à)Ìà àà àà àà àà àà àà à)Ìà àPlaintiff/Appellant,à àà àà à)à àAppeal€No.Ìà àà àà àà àà àà àà à)à à01„A„01„9702„CH„00072Ìv.à àà àà àà àà àà àà à)Ìà àà àà àà àà àà àà à)à àœDavidson€Chancery›€œÌVirginia€R.€Bailey,à àà àà àà à)›à àœNo.€€95„2010„II›ÌœÙ€€ÙßR€"$!A1-j|à` ç `€€@ÿRß›à àà àà àà àà àà àà à)Ìà àDefendant/Appellee.à àà àà à)ÌÌÌÌÌÌÓ  ÓCOURT€OF€APPEALS€OF€TENNESSEEÌÌMIDDLE€SECTION€AT€NASHVILLE̛̜̜ÌAPPEAL›€FROM€THE€CHANCERY€COURT€OF€DAVIDSON€COUNTYÌÌœAT€NASHVILLE,€TENNESSEEÌÌÌÌTHE›€HONORABLE€CLAUDIA€œBONNYMAN›,€SPECIAL€CHANCELLORÌÌÓ  ÓÌÌÌÌÌÌÔ€XÔÌMICHAEL€A.€WAGNERÌWagner,€Nelson€&€WeeksÌ1418€First€Tennessee€BuildingÌChattanooga,€Tennessee€37402Ìà àATTORNEY€FOR€PLAINTIFF/APPELLANTÌÌMARK€E.€œADKINS›ÌP.O.€box€237ÌMurfreesboro,€Tennessee€37133Ìà àATTORNEY€FOR€DEFENDANT/APPELLEEÌÌÌÌÌÌà@ àAFFIRMED€AND€REMANDEDÌÌÌÌœ›à àà àà àà àà àà àà àSAMUEL€L.€LEWIS,€JUDGEÌÓ  Óà@ àÔ€„ÔòòOÔ€¼ÔPINIONóóÌÌÓ€Óà àThis€is€an€appeal€by€plaintiff/appellant,€International€Collection€Services,ÏInc.€(ð ðICSðð),€from€the€decision€of€the€chancery€court€granting€summaryÏjudgment€in€favor€of€defendant/appellee,€Virginia€R.€Bailey.€€The€facts€out€ofÏwhich€this€matter€arose€are€as€follows.ÌÌò òI.à àFacts€and€Procedural€Historyó óÌÌà àMs.€Bailey€wished€to€purchase€land€in€Texas.€€In€order€to€do€so,€sheÏexecuted€a€note€in€the€amount€of€$39,350.00€payable€to€the€Richard€GillÏCompany€and€gave€the€Richard€Gill€Company€a€security€interest€in€the€property.€ÏThe€Richard€Gill€Company€later€assigned€the€note€to€Benjamin€Franklin€SavingsÏAssociation€(ð ðBFSAðð).€€Ms.€Bailey€failed€to€make€the€scheduled€payments.€€BFSAÏforeclosed€on€the€property€and€held€a€sale€on€5€May€1987.ÌÌà àThe€Federal€Home€Loan€Board€(ð ðBank€Boardðð)€appointed€the€FederalÏSavings€and€Loan€Insurance€Corporation€(ð ðFSLICðð)€as€conservator€of€BFSA€on€8ÏMarch€1989.€€The€Bank€Board€then€took€numerous€actions€involving€BFSA€on€28ÏJune€1989.€€These€actions€included:€€1)€it€determined€BFSA€was€still€insolventÏunder€federal€law€and€replaced€the€conservator€with€the€FSLIC€as€sole€receiverÏfor€the€purpose€of€liquidation;€2)€it€approved€the€organization€of€BenjaminÍFranklin€Federal€Savings€Association€(ð ðNew€Federalðð);€3)€it€approved€anÏacquisition€agreement€whereby€New€Federal€would€purchase€BFSAððs€assets;€andÏ4)€it€appointed€FSLIC€as€sole€conservator€for€New€Federal.ÌÌà àCongress€enacted€legislation€on€9€August€1989€which€caused€the€ResolutionÏTrust€Corporation€(ð ðRTCðð)€to€take€over€FSLIC.€€RTC€began€administering€NewÏFederal€on€6€September€1991.€€ICS€purchased€the€note€from€RTC€on€or€near€29ÏOctober€1992.ÌÌà àOn€28€June€1995,€ICS€filed€an€action€against€Ms.€Bailey€in€the€DavidsonÏCounty€Chancery€Court€for€the€deficiency€balance€on€the€note.€€ICS€asked€theÏcourt€to€enter€judgment€in€ICSððs€favor€in€the€amount€of€$23,299.39€as€of€28ÏFebruary€1993€plus€accrued€interest.€€Ms.€Bailey€responded€and€denied€she€owedÏICS€any€money.€€She€contended€the€foreclosure€sale€was€unlawful€and€the€TexasÏfour€year€statute€of€limitations€barred€the€claim.ÌÌà àBoth€parties€filed€motions€for€summary€judgment.€€Ms.€Bailey€filed€a€briefÏin€support€of€her€motion€and€claimed€the€six€year€federal€statute€of€limitations,€ÏUnited€States€Code€title€12,€section€1821(d)(14),€had€expired.€€In€response,€ICSÏalleged€the€federal€statute€provided€that€ICS€could€rely€on€either€the€six€yearÏfederal€limitations€period€or€an€applicable€state€limitations€period.€€ICS€thenÏargued€Tennessee€Code€Annotated€section€28„2„111€applied€to€this€case.€€ÌÌà àThe€court€entered€its€final€judgment€on€11€October€1996.€€The€order€statedÏas€follows:ÌÓÓà8 àà àThis€matter€was€before€the€Court€on€cross„motions€forÏsummary€judgment€filed€by€the€plaintiff,€International€Collections,ÏServices,€Inc.,€and€by€the€defendant,€Virginia€R.€Bailey.Ìà8 àà àAfter€careful€consideration€of€the€briefs€filed€by€both€partiesÏand€oral€argument€of€counsel,€the€Court€concludes€that€there€are€noÏgenuine€issues€as€to€any€material€fact€and€that€the€defendant,€VirginiaÏR.€Bailey,€is€entitled€to€summary€judgment,€dismissing€the€plaintiffððsÏclaim€for€funds€due€from€the€defendant€on€a€promissory€note€afterÏthe€sale€of€secured€real€property,€since€the€plaintiff€filed€suit€allÏapplicable€statutes€of€limitations€had€run.€€The€cause€is€barred.Ìà8 àà àThe€Court€denies€the€plaintiffððs€motion€for€SummaryÏJudgment.ÌÓ€ÓÌÓ€ÓAs€a€result,€the€court€granted€Ms.€Baileyððs€motion.€€ICS€filed€its€notice€of€appealÏon€23€October€1996€and€a€notice€of€no€statement€of€the€evidence€or€transcript€toÏbe€filed€on€30€October€1996.€€ICS€listed€numerous€issues€on€appeal;€however,Ïthese€can€be€narrowed€to€only€two.€€The€first€issue€is€whether€the€statutes€ofÏlimitations,€both€federal€and€state,€had€run,€and€the€second€issue€is€whether€theÏtrial€court€erred€in€granting€Ms.€Baileyððs€motion€for€summary€judgment€andÏdenying€ICSððs€motion€for€summary€judgment.€€Ms.€Bailey€also€presented€the€issueÏof€whether€there€is€a€genuine€issue€of€material€fact€concerning€the€existence€andÏthe€amount€of€any€debt.€€Our€discussion€of€ICSððs€first€issue€pretermits€theÏremaining€issues.ÌÌò òII.à àThe€Statute€of€Limitationsó óÌÌà àà àOur€review€of€this€case€is€dictated€by€the€provisions€of€Rule€56€ofÏthe€Tennessee€Rules€of€Civil€Procedure.€€Thus,€we€must€determine,€as€did€theÏtrial€court,€whether€there€are€any€disputes€as€to€material€facts€and€whether€theÏmoving€party€is€entitled€to€judgment€as€a€matter€of€law.€€In€doing€so,€we€mustÏdiscard€all€countervailing€evidence€and€consider€the€evidence€in€the€light€mostÏfavorable€to€the€nonmoving€party.€€òòò ò€See€Gonzales€v.€Alman€Constr.€Co.óóó ó,Ï857€S.W.2d€42,€44„5€(Tenn.€App.€1993).ÌÌà àThere€were€no€disputed€facts€material€to€the€statute€of€limitations€issue.€ÏThus,€the€only€question€left€for€this€court€is€the€legal€issue€of€whether€the€statuteÏof€limitations€had€run.€€ICS€claims€neither€the€federal€nor€the€state€statute€ofÏlimitations€barred€its€action.€€Ms.€Bailey,€however,€disagrees.€€It€is€her€contentionÏthat€ICSððs€claim€is€barred€by€both€United€States€Code€title€12€section€1821(d)(14)Ïand€Tennessee€Code€Annotated€section€28„2„111.ÌÌò òà àA.à àTennessee€Code€Annotated€Section€28„2„111ó óÌÌà àTennessee€Code€Annotated€section€28„2„111(a)€provides€as€follows:€€ð ðLiensÏon€realty,€equitable€or€retained€in€favor€of€vendor€on€the€face€of€the€deed,€alsoÏliens€of€mortgages,€deeds€of€trust,€and€assignments€of€reality€executed€to€secureÏdebts,€shall€be€barred,€and€the€liens€discharged,€unless€suits€to€enforce€the€sameÏbe€brought€within€ten€(10)€years€from€the€maturity€of€the€debt.ðð€€Tenn.€CodeÏAnn.€ðð€28„2„111(a)€(1980)€(formerly€codified€as€Tenn.€Code€Ann.€ðð€8590€(1934)Ï(Williams)).€€Clearly,€this€section€does€not€apply€to€the€present€case.€€TheÏTennessee€Supreme€court€has€long€recognized€the€distinction€between€an€action€toÏenforce€a€lien€and€an€action€to€enforce€the€personal€liability€created€by€enteringÏinto€a€loan€agreement.€€In€1944,€the€court€stated:ÌÓÓà8 àThe€lien€and€the€personal€liability€were€clearly€recognized€asÏindependent,€as€this€court€has€repeatedly€held€them€to€be.€€EitherÏmight€be€barred€without€affecting€the€other.€€The€bar€of€this€statuteÏ[Tenn.€Code€Ann.€ðð€28„2„111]€relates€to€the€lien€on€the€land€only.€.€.Ï.Ìà8 àà à.€.€.€.€Ìà8 àà àSumming€up,€we€have€found,€first,€that€(1)€the€life€of€theÏliability,ð!ð€the€right€to€foreclose€for€the€debt€secured€thereby,€and€(2)Ïthe€life€of€the€personal€liability,ð!ð€the€right€to€enforce€this€liabilityÏfor€the€debt€evidenced€thereby,€are€wholly€independent€rights.€ÏSecond,€that€it€follows€that€the€time€from€which€the€limitation€on€theÏright€to€enforce€the€one€is€not€governed€by€the€maturity€of€the€other.€ÍThird,€that€it€is€the€bar€of€the€mortgage€lien€which€alone€isÏprescribed€by€Code,€Section€8590;× ƒ% ××  ×€while€it€is€Code,€Section€8600,× ƒ& ××  ×Ïwhich€prescribes€the€bar€of€the€personal€obligation.× ƒ' ××  ×ÌÓ€ÓÌÓ€ÓThe€facts€here€are€that€a€previous€holder€executed€the€lien€in€May€of€1987.€€Thus,Ïthere€is€no€lien€to€enforce.€€Instead,€the€real€cause€of€action€is€breach€of€contract;Ïthat€is,€Ms.€Bailey€breached€the€contract,€the€note,€executed€between€her€andÏICSððs€predecessor€in€interest.€€This€is€an€action€to€enforce€a€personal€liability,€notÏa€lien.ÌÌà àThe€Tennessee€statute€of€limitation€applicable€to€this€case€is€Tennessee€CodeÏAnnotated€section€28„3„109(a)(3).€€òòò òSee€Lawmanóóó ó,€180€Tenn.€at€565,€177€S.W.2dÏat€128;€òòò òConsumer€Credit€Union€v.€Hiteóóó ó,€801€S.W.2d€822,€824€(Tenn.€App.Ï1990).€€That€section€provides€as€follows:€€ð ðThe€following€actions€shall€beÏcommenced€within€the€six€(6)€years€after€the€cause€of€action€accrued:€.€.€.€(3)ÏActions€on€contracts€not€otherwise€expressly€provided€for.ðð€€Tenn.€Code€Ann.€ððÏ28„3„109€(1980)€(formerly€codified€as€Tenn.€Code€Ann.€ðð€8600€(1934)Ï(Williams)).€€The€cause€of€action€in€this€case€accrued€when€the€holder€of€the€noteÏdemanded€payment€in€full€upon€Ms.€Baileyððs€default,€that€is,€some€time€prior€toÏthe€foreclosure€sale.× ƒ( ××  ×€€The€sale€occurred€on€5€May€1987;€thus,€the€statute€ofÍlimitations€ran€at€the€very€latest€on€5€May€1993.€€Therefore,€ICSððs€cause€of€actionÏfiled€on€28€June€1995€was€not€timely€under€Tennessee€Code€Annotated€sectionÏ28„3„109.ÌÌò òà àB.à àUnited€States€Code€Title€12€Section€1821(d)(14)ó óÌÌà àICS€also€relies€on€the€statute€of€limitations€found€in€United€States€Code€titleÏ12€section€1821(d)(14).× ƒ+ ××  ×€€This€section€provides€as€follows:ÌÓÓà8 à(A)€In€generalÌà8 à€€Notwithstanding€any€provision€of€any€contract,€the€applicableÏstatute€of€limitations€with€regard€to€any€action€brought€by€theÏCorporation€as€conservator€or€receiver€shall€beð!ðÌà8 à€€(i)€in€the€case€of€any€contract€claim,€the€longer€ofð!ðÌà8 àà à(I)€the€6„year€period€beginning€on€the€date€the€claim€accrues;ÏorÌà8 àà à(II)€the€period€applicable€under€State€law;€andÌà8 àà à.€.€.€.Ìà8 à(B)€Determination€of€the€date€on€which€a€claim€accruesÌà8 à€€For€purposes€of€subparagraph€(A),€the€date€on€which€the€statute€ofÏlimitation€begins€to€run€on€any€claim€described€in€such€subparagraphÏshall€be€the€later€ofð!ðÌà8 à€€(i)€the€date€of€the€appointment€of€the€Corporation€as€conservator€orÍreceiver;€orÌà8 à€€(ii)€the€date€on€which€the€cause€of€action€accrues.ÌÓ€ÓÌÓ€Ó12€U.S.C.€ðð€1821(d)(14)€(Supp.€1993).€€There€are€two€questions€which€we€mustÏanswer€in€order€to€determine€whether€the€statute€has€run.€€The€first€is€when€didÏthe€cause€of€action€accrue€as€defined€in€subparagraph€(B).ÌÌà àThere€are€three€dates€relevant€to€the€determination€of€when€the€cause€ofÏaction€accrued.€€The€parties€agree€the€cause€of€action€accrued€for€purposes€ofÏsubparagraph€(B)(ii)€some€time€prior€to€the€5€May€1987€foreclosure€sale.€€ForÏthe€purposes€of€subparagraph€(B)(i),€it€is€ICSððs€contention€that€the€cause€of€actionÏaccrued€on€28€June€1989,€the€date€the€Bank€Board€appointed€FSLIC€as€soleÏreceiver€of€BFSA.€€To€the€contrary,€Ms.€Bailey€argues€the€relevant€date€is€8ÏMarch€1989,€the€date€the€Bank€Board€appointed€FSLIC€as€conservator€of€BFSA.€ÏIt€is€the€opinion€of€this€court€that€the€appropriate€date€given€the€plain€language€ofÏsubparagraph€(B)€is€8€March€1989.€€òòò òSee€Resolution€Trust€Corp.€v.€Farmeróóó ó,Ï865€F.€Supp.€1143,€1149€n.5€(E.D.€Pa.€1994);€òòò òResolution€Trust€Corp.€v.ÏInterstate€Fed.€Corp.ó óóó,€762€F.€Supp.€905,€908€(D.€Kan.€1991).€€Thus,€theÏstatute€of€limitations€began€to€run€pursuant€to€subparagraph€(B)€on€8€MarchÏ1989,€the€later€of€5€May€1987€and€8€March€1989.ÌÌà àGiven€this€finding€the€determination€of€which€statute€of€limitations€appliesÏunder€subparagraph€(A)€is€irrelevant.€€To€explain,€subparagraph€(A)€providesÏthat€the€applicable€statute€of€limitations€shall€be€the€longer€of€the€six„year€periodÏbeginning€on€the€date€the€claim€accrues€or€the€period€applicable€under€state€law.€ÏIn€this€case,€however,€there€is€no€need€to€make€this€determination€because€bothÏstatutes€had€run€by€the€time€ICS€filed€the€claim.€€As€stated€above€the€six„yearÏfederal€period€began€to€run€on€8€March€1989€and€the€state€statute€began€to€run€onÏ5€May€1987.€€ICS€filed€its€claim€on€28€June€1995€more€than€six€years€after€bothÍof€these€dates.ÌÌò òIII.à àConclusionó óÌÌà àThere€are€no€material€factual€disputes,€and€the€law€entitles€Ms.€Bailey€to€aÏjudgment€as€a€matter€of€law.€€ICS€can€not€prevail€because€both€the€federal€andÏstate€statute€of€limitations€had€expired.€€Thus,€it€follows€that€the€chancery€court€Ïdid€not€err€when€it€denied€ICSððs€motion€for€summary€judgment€and€granted€Ms.ÏBaileyððs€motion€for€summary€judgment.ÌÌà àTherefore,€it€results€that€the€judgment€of€the€chancery€court€is€affirmed,Ïand€the€case€is€remanded€to€the€chancery€court€for€any€further€necessaryÏproceedings.€€Costs€on€appeal€are€taxed€to€plaintiff/appellant,€InternationalÏCollection€Services,€Inc.ÌÓÓÌÌœ›Ìà àà àà àà àà àà àà àÔ€XÔ________________________________Ìà àà àà àà àà àà àà àSAMUEL€L.€LEWIS,€JUDGEÌœ›ÌœCONCUR:›ÌÌœ_______________________________›ÌBEN€H.€CANTRELL,€JUDGEÌœ›Ì_______________________________ÌWILLIAM€C.€KOCH,€JR.,€JUDGEà àà àà àà àà àà à