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Statute of Limitations on Debts









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State Statute of Limitations

Below are the State Statutes of Limitations for various kinds of agreements. All figures are in years. (Disclaimer: The information and links below are not guaranteed and should be verified by a local attorney before taking any action based on the information below.)

Oral Contract: You agree to pay money loaned to you by someone, but this contract or agreement is verbal (i.e., no written contract, "handshake agreement"). Remember a verbal contract is legal, if tougher to prove in court.

Written Contract: You agree to pay on a loan under the terms written in a document, which you and your debtor have signed.

Promissory Note: You agree to pay on a loan via a written contract, just like the written contract. The big difference between a promissory note and a regular written contract is that the scheduled payments and interest on the loan also is spelled out in the promissory note. A mortgage is an example of a promissory note.

Open-ended Accounts: These are revolving lines of credit with varying balances. The best example is a credit card account. Please note: a credit card is ALWAYS an open account.
This is established under the Truth-in-Lending Act:

 

State

Oral

Written

Promissory

Open-ended Accounts

State Statute: Open Accounts

AL

6

6

6

3

6-2-37

AR

3

5

5

3

16-56-105

AK

6

6

3

3

09.10.053

AZ

3

6

6

3

12-543

CA

2

4

4

4

337

CO

6

6

6

3

13-80-101

CT

3

6

6

3

52-581

DE

3

3

3

4

2-725

DC

3

3

3

3

12-301

FL

4

5

5

4

95.11

GA

4

6

6

6 **

9-3-25

HI

6

6

6

6

HRS 657-1(4)

IA

5

10

5

5

614.5

ID

4

5

5

4

5-222

IL

5

10

10

5

735 ILCS 5/13-205

IN

6

10

10

6

34-11-2

KS

3

6

5

3

84-3-118

KY

5

15

15

5

413.120

LA

10

10

10

3

3-118

ME

6

6

6

6

14-205-752

MD

3

3

6

3

5-101

MA

6

6

6

6

c.260, 2

MI

6

6

6

6

600.5807

MN

6

6

6

6

541.05

MO

5

10

10

5

516.120

MS

3

3

3

3

15-1-29

MT

5

8

8

8

27-2-202

NC

3

3

5

3

1-52(1)

ND

6

6

6

6

28-01-16

NE

4

5

5

4

25-206

NH

3

3

6

3

382-A:3-118

NJ

6

6

6

6

2A:14-1

NM

4

6

6

4

37-1-4

NV

4

6

3

4

NRS 11.190

NY

6

6

6

6

2-213

OH

6

15

15

6

2305.07

OK

3

5

5

3

12-95

OR

6

6

6

6

12.080

PA

4

4

4

4

5525

RI

10

5

6

4

6A-2-725

SC

3

3

3

3

SEC 15-3-530

SD

6

6

6

6

15-2-13

TN

6

6

6

6

28-3-109

TX

4

4

4

4

16.004

UT

4

6

6

4

78B-2-307

VA

3

5

6

3

8.01-246

VT

6

6

5

3

3-118

WA

3

6

6

3

RCW 4.16.080

WI

6

6

10

6

893.43

WV

5

10

6

5

55-2-6

WY

8

10

10

8

1-3-105

** Georgia Court of Appeals came out with a decision on January 24, 2008 in Hill v. American Express that in Georgia the statute of limitations on a credit card is six years after the amount becomes due and payable

The material provided in this table for informational purposes only and should not be construed as legal advice. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result, there is no guarantee it is not without errors.


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