Minnesota Statute of Limitations on Debt Collection
The Statue of Limitations is a law limiting time in which a party can initiate a legal action. It defines the amount of time within which legal proceeding must be started before they are barred from being filed.
In Minnesota, except where the Uniform Commercial Code otherwise prescribes, actions based on a contract or other obligation, express or implied, must be brought within 6 years after the cause of action occurred (Chapter 541). Most credit card agreements are considered contracts, and consumers facing debt problems and who are unable to pay the debts face a possible lawsuit against them for breach of contract. Prior to entering into an agreement to pay off a debt, a consumer should ensure the debt is actually still due and payable.
Conduct exists that may "toll" a statute of limitations. Tolling puts the statute of limitations on hold and may allow a party to file suit outside the proscribed limitations period. InMinnesota, a new written acknowledgment or payment may toll the statute of limitations for the debt allowing the party excess time in which to file suit.
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