Below are the State Statutes of Limitations for various kinds of agreements. All figures are in years.
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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