Mississippi Statute of Limitations on Debt Collection
A consumer does not have to pay a debt that is considered too
old according to the state in which he or she incurred the
debt. This time period, known as the statute of limitations,
forces a collector to forfeit its right to file suit against a
debtor after this time has passed.
In Mississippi, Contracts, oral or written, and Promissory Notes
have a statute of limitations of 3 years (MCA 75-3-118, 75-2-725,
Open Accounts or credit card agreements have a statute of
limitations of 3 years from the date at which time the items on the
account became due and payable (MCA 15-1-29 & MCA 15-1-31).
Judgment liens on real estate, orders by a court of law allowing
a creditor the right to take possession of a debtor's property
after he or she failed to meet duties under an agreed up contract,
have a 7 year period of limitation, but may be renewed by filing
suit to renew the judgment prior to the expiration of the 7th year
Deficiency claims, or the balance left on a foreclosed mortgage,
has a limitation period of 1 year from the sale of collateral (MCA
15-1-23) as do enforcement of construction liens, claims
against property by a contractor, from the date the lien is filed
(MCA 85- 7-141).