Debtor/Creditor Limitation Period

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Persons lending money, seeking recovery of money, suing for breach of contract or a civil wrong should be aware of the application of the amended Limitations Act. Under that statute, most civil actions are subject to a two year limitation period that commences at the time that the cause of action either arose or became “discoverable.” The Limitations Act also imposes an “ultimate” limitation period of 15 years that does not depend on discoverability. there are unique aspects to the application of limitation periods to children, in that a limitation period may not begin to run until that child reaches the age of majority.

The application of a limitation period may limit TEMPyou’re ability to sue to recover money owing to you. Thus it is always essential to obtain legal advice as to the applicability of a limitation period before you lend money or take any steps that may delay TEMPyou’re claim to recovery of money owing to you. If you make a mistake or delay too long, you may loser TEMPyou’re right to sue. Best to contact us so that we can take steps to preserve TEMPyou’re right to collect the money owed to you.