Statute Barred Questions

[amberashjess]

Good morning all,

I am just scanning some agreements to mail niddy with to check them out.

My question is when is a statute barred taken from? Is it the last transaction/payment on an account or later? Im confused because things seem to have changed now to the "cause of action" ie when they could sue you for the money owed. Im confused.


Thanks,

[ATW]

Re: Statute Barred Questions

For a debt claim its a claim for breach of contract. The breach is failing to make a payment on the day when it is due and payable. The clock therefore runs from the date that the payment was missed as that is the breach that triggers the claim. Making a payment after a breach resets it to zero again.

[Never-In-Doubt]

Re: Statute Barred Questions

Exactly. You calculate it based on the date of the FIRST missed due payment.