Types of Stature of Limitation
Statures of Limitations maybe one of the best defenses debtors has against their hounding creditors and scammer bill collection agency. Once the stature of limitation expires, this means that the creditors are also unable to file lawsuit against the debtor ordering that person to pay the debt. Nonetheless, creditors may still hire cunning bill collection agencies to do their bidding.
There are four types of stature of limitation, depending on the nature of the agreement that existed among the creditors and the debtor. The first type involves oral agreement or verbal agreements between the two parties involved.
Oral agreements are acknowledged and enforceable in the rules of law but it is quite difficult to prove. These agreements usually involve personal property for a marginal amount of money.
Written contracts are contracts between two or more parties that written and considered binding by law. Written contracts should be duly signed by the creditor or debtor to be considered authentic and enforceable. Examples of written contracts are real estate deals and insurance policies.
The promissory notes are written documents saying that the borrower promises to pay a particular amount he/she owes a lender following the specific terms. Loans are the debts that usually follow this type.
Lastly, open-ended accounts are rotating lines of credit that are not supported by any formal or written agreement. Best example of this is credit card debt.
|
STATE |
Oral Agreement |
Written |
Promissory Note |
Open-ended account |
|
Alabama |
6 |
6 |
6 |
3 |
|
Alaska |
5 |
5 |
5 |
3 |
|
Arizona |
6 |
6 |
3 |
3 |
|
Arkansas |
3 |
6 |
6 |
3 |
|
California |
2 |
4 |
4 |
4 |
|
Colorado |
6 |
6 |
6 |
3 |
|
Connecticut |
3 |
6 |
6 |
3 |
|
Deakaware |
3 |
3 |
3 |
4 |
|
DC |
3 |
3 |
3 |
3 |
|
Florida |
4 |
5 |
5 |
4 |
|
Georgia |
4 |
6 |
6 |
6 |
|
Hawaii |
6 |
6 |
6 |
6 |
|
Idaho |
4 |
5 |
5 |
4 |
|
Indiana |
6 |
10 |
10 |
6 |
|
Iowa |
5 |
10 |
10 |
5 |
|
Kansas |
3 |
6 |
5 |
3 |
|
Kentucky |
5 |
15 |
15 |
5 |
|
Los Angeles |
10 |
10 |
10 |
3 |
|
Maine |
6 |
6 |
6 |
6 |
|
Maryland |
3 |
3 |
6 |
3 |
|
Massachusetts |
6 |
6 |
6 |
6 |
|
Michigan |
6 |
6 |
6 |
6 |
|
Minnesota |
6 |
6 |
6 |
6 |
|
Mississippi |
3 |
3 |
3 |
3 |
|
Missouri |
5 |
10 |
10 |
5 |
|
New Hampshire |
3 |
3 |
6 |
3 |
|
New Jersey |
6 |
6 |
6 |
3 |
|
New Mexico |
4 |
6 |
6 |
4 |
|
New York |
6 |
6 |
6 |
6 |
|
North Carolina |
3 |
3 |
5 |
3 |
|
North Dakota |
6 |
6 |
6 |
6 |
|
Ohio |
6 |
15 |
15 |
6 |
|
Oklahoma |
3 |
5 |
5 |
3 |
|
Oregon |
6 |
6 |
6 |
6 |
|
South Carolina |
3 |
3 |
3 |
3 |
|
Tennessee |
6 |
6 |
6 |
3 |
|
Texas |
4 |
4 |
4 |
4 |
|
Utah |
4 |
6 |
6 |
4 |
|
Vermont |
6 |
6 |
5 |
3 |
|
Virginia |
3 |
5 |
6 |
3 |
|
Washington |
3 |
6 |
6 |
3 |
|
West Virginia |
5 |
19 |
6 |
5 |
|
Wisconsin |
6 |
6 |
19 |
6 |
|
Wyoming |
8 |
10 |
10 |
8 |
