How long is the statute of limitations for IOUs?

The statute of limitations for IOUs is generally 3 years, and the longest is no more than 20 years. From the date when the right is damaged, the calculation of the limitation of action is allowed to be suspended and interrupted. Click consult a professional lawyer.

First, how long is the statute of limitations for IOUs?

The litigation time of IOUs is generally three years, but the longest is not more than twenty years.

According to the law of our country, the limitation of action for requesting protection of civil rights from the people's court is three years. Where there are other provisions in the law, those provisions shall prevail. The limitation period of action shall be counted from the date when the creditor knows or should know that the right is damaged and the debtor knows it. Where there are other provisions in the law, those provisions shall prevail. However, the people's court shall not protect the rights that have been damaged for more than 20 years. Under special circumstances, the people's court may decide to extend the time according to the application of the obligee.

Two. Calculation of the starting point of limitation of loan litigation;

(1) The repayment period has been agreed in the IOU.

The limitation of action of the parties is three years from the date of the expiration of the repayment period. If the limitation of action is exceeded, a lawsuit may be brought to the court, but the court cannot guarantee the right to win the case:

1. If the debtor puts forward the defense of limitation of action, and the people's court does exceed the limitation of action after examination, it shall rule to reject the claim;

2. If the debtor fails to raise the defense of limitation of action, the creditor's right will be supported by the court.

(2) The repayment period is not stipulated in the IOU.

If the repayment period is not stipulated in the IOU, the parties who bring a lawsuit to the people's court shall still apply the three-year statute of limitations, but the specific starting point of the statute of limitations shall be specifically analyzed:

1. If the creditor urged the debtor to perform immediately at that time, but actually failed to perform, the limitation of action shall be calculated from the day after the urging. There is no time limit for creditors to demand payment.

2. If the parties have agreed on a clear time limit for performance, but both parties have actually changed the contents of the contract and changed the debt with unclear time limit into the debt with clear time limit, then if the debtor fails to perform the debt at the expiration of the time limit, the limitation of action shall be calculated from the day after the expiration of the time limit.

3. Where the creditor claims rights from the debtor, and the debtor explicitly refuses to perform, and there is an intention to deny the existence of the creditor's rights, the limitation of action shall be calculated from the day after the date of refusal, regardless of whether the creditor stipulates a grace period or not, and regardless of whether the period expires.

4. If the creditor claims to the debtor to perform the debt, but the debtor fails to explicitly refuse, both parties agree to have a grace period for performing the debt. At the expiration of this period, no matter whether the debtor explicitly refuses to perform the debt, as long as the debtor objectively fails to perform, the limitation of action shall be calculated from the day after the expiration of the grace period.

3. What are the ways to extend the limitation of action?

1. Ask the debtor to write a repayment plan.

Negotiate with the debtor to make repayment plan or agreement. In this way, the limitation of action can be extended from the time when the repayment plan expires. It is worth noting that if the promissory note signed before involves the guarantor, the guarantor should be required to confirm the supplementary agreement, otherwise the guarantor will be exempted from the guarantee responsibility.

2. Leave all kinds of debt collection evidence.

Such as retaining lawyer's letters, letters, express orders, recordings, short messages, WeChat chat records, call records, etc. , which proves that the right has been claimed.

3. Ask the other party to sign a letter of commitment.

The contents of the letter of commitment shall comply with the law. If the debtor makes commitments or acts such as installment performance, partial performance, provision of guarantee, request for postponement of performance, drawing up debt repayment plan, etc., it shall be deemed as "agreeing to perform obligations" and has the legal effect of interrupting the limitation of action.

4. ask for a guarantee.

Require the debtor to find a guarantor to provide additional guarantee and guarantee repayment within a certain period of time. If the debtor fails to repay within the time limit, the guarantor shall repay it. In this case, the limitation of action is recalculated from the date when the debt settlement period expires.

5, non-litigation way to claim rights.

If the obligee makes a request to the people's mediation committee or the relevant unit, the limitation of action shall be interrupted from the time when the request is made. If mediation fails, the limitation of action shall be recalculated; If an agreement is reached through mediation, and the debtor fails to perform his obligations within the agreed time limit, the limitation period of action shall be recalculated from the date of expiration of the performance period. In addition, if the debtor claims rights to the arbitration organ or the relevant competent authority, the limitation of action may also be interrupted.

6. Bring a lawsuit to the court.

According to the law, if a complaint or oral prosecution is submitted to the people's court, the limitation of action shall be interrupted from the date of submission of the complaint or oral prosecution.

How long is the statute of limitations for IOUs? According to the provisions of the civil code, it is usually 3 years, but the longest is not more than 20 years. As for the calculation of the limitation of action, we should also pay attention to the calculation from the day when we know or should know that the rights have been damaged and the obligor, and suspension or interruption is allowed in the process. If you still have questions about this, you can click the button below to consult our professional lawyer.

The prescription of IOUs refers to the time limit for the creditor to bring a lawsuit to the court when the debtor fails to perform the debt. Generally speaking, the method of calculating the limitation of action for IOUs is the limitation period stipulated by laws and relevant rules. First of all, we must determine the applicable laws and regulations. Different laws and regulations may have different provisions on the limitation of action. Secondly, according to the starting time and the length of the period stipulated in the Regulations, the specific limitation period is calculated. In addition, it should be noted that the limitation of action may be affected by special circumstances such as interruption, suspension or extension, such as the parties reaching an agreement with the court accepting the case. Therefore, when calculating the limitation of action for IOUs, we should also pay attention to relevant special circumstances and legal provisions to ensure the reasonable protection of creditors' rights and interests.

Legal basis:

Provisions of the Supreme People's Court on Several Issues Concerning the Application of the Limitation of Action System in the Trial of Civil Cases (revised in 2020): Article 17 Where the creditor's rights are transferred, the limitation of action shall be deemed to be interrupted from the date when the notice of creditor's rights transfer is served on the debtor. If the debt commitment constitutes the original debtor's acknowledgement of the debt, the limitation of action shall be deemed to be interrupted from the date when the intention of the debt commitment reaches the creditor.