Can a Bank force you to give up your rights?

spinn · 07-14-2007, 09:35 PM

Kind of along the lines of Hannahs post about the new arbitration legislation...I am wondering if a bank can force your to give up your right to a jury trial as a condition of giving you a loan.

I signed up for a line of credit a while ago and one of the conditions of that loan was that if any disputes were to arise.....I give up my right to a jury trial.

Enigma · 07-14-2007, 10:28 PM

Not knowing the banking laws and case law of your state, in general parties to a contract can agree to most any condition and / or term in a contract.

Except to add, that most states do not allow a confession of a judgment. So the short answer is YES.

Hedwig · 07-14-2007, 10:57 PM

This is the same principle as the arbitration. You give up your right to sue the creditor or to use any legal remedy other than the mandatory binding arbitration.

Enigma · 07-14-2007, 11:23 PM

Quote:

Originally Posted by Hedwig

This is the same principle as the arbitration. You give up your right to sue the creditor or to use any legal remedy other than the mandatory binding arbitration.

This is true, however a lot of states are getting case law on the books that is over turning nightmare.

Hedwig · 07-15-2007, 01:37 AM

I know. And hannah posted the proposed law to change it, which I hope will pass. I will notify my Congress critters and hope everyone else will, too.

drivel · 07-16-2007, 09:42 AM

I don't know why they put this in there. You don't have a right to a jury trial unless accused of a crime.

Enigma · 07-16-2007, 01:42 PM

Quote:

Originally Posted by drivel

I don't know why they put this in there. You don't have a right to a jury trial unless accused of a crime.

Constitutionally, this is correct.

My local court gives both the plaintiff and defendant the option to a trial by jury in civil matters.

hannah · 07-16-2007, 02:17 PM

Quote:

Originally Posted by Enigma

My local court gives both the plaintiff and defendant the option to a trial by jury in civil matters.

As does mine...even civil matters in magistrate court.

spinn · 07-16-2007, 06:37 PM

Quote:

Originally Posted by drivel

I don't know why they put this in there. You don't have a right to a jury trial unless accused of a crime.

I was on a Jury with eleven debt collectors once and super glued a quarter to the table and when I came back they all had broken finger nails but the quarter was still there.