How long is the statute of limitations for a loan note? How about a loan note that exceeds the statute of limitations
(1) How long is the statute of limitations for a loan note
1, depending on the content of the loan note, if there is no repayment time, the statute of limitations is three years from the date of repayment of the borrower's request.
2, the loan written on the repayment time, then from the date of expiration of the repayment period of three years.
3, the loan does not specify the date of repayment, the creditor may at any time require the debtor to repay, the debtor can also at any time to repay the creditor.
4, the loan is a debt dispute, as long as the creditor has evidence that the creditor has claimed the right within the limitation period, the limitation period will be recalculated, but the maximum limitation period is not more than 20 years.
(2) IOUs over the statute of limitations how to do
1, try to consider through friendly negotiation, to promote the two parties on the original IOUs to reach a repayment agreement, according to the provisions of the law, more than the statute of limitations period, the two parties to the original debt repayment agreement, belong to the new creditor, the debt relationship, the repayment agreement shall be protected by law.
2, if the parties are unable to negotiate, the creditor party may consider the other party to send a notice of collection of money due. According to relevant regulations, for more than the statute of limitations period, the credit union to the borrower to issue a notice of collection of due loans, the debtor in the notice signed or stamped, should be regarded as a reaffirmation of the original debt, the debt relationship shall be protected by law. Although the borrower's legal status is not necessarily equivalent to the credit union, but the borrower can still consider taking such measures, better than nothing.
3. If the lender has claimed the right to the borrower within 2 years and there is evidence to prove it, then it will cause an interruption of the statute of limitations, and the statute of limitations will be recalculated from the date of interruption.
Senior debt lawyer here to remind you: although the loan over the statute of limitations is no longer legally binding, but the creditor can be interrupted or restored by other means of the statute of limitations of debt, such as the debtor and the debtor to re-enter the repayment agreement and so on. But there are not many remedies that can be taken, and has a great risk, therefore, the creditor still need to pay attention to the IOU's statute of limitations, to guard against IOU's over the statute of limitations, if there is a borrowing dispute, the creditor should be ready to file an IOU lawsuit.
It is used more in daily life, in order to better safeguard their own rights and interests, the creditor should pay more attention to the statute of limitations, to avoid infringement of rights and interests. If you are still unclear on this issue, you can consult our professional lawyers for free.