Nebraska Statute of Limitations on Debt Collection
The statute of limitations is a specific period of time that a party has to sue or prosecute for an offense. Consumers face lawsuits against them by creditors or debt collectors as a means for attempting to collect those debts.
In Nebraska, where a debt is concerned involving Real estate or foreclosure mortgage actions and product liability, the statute of limitations is 10 years.
In contrast, foreign judgments, contract or promise, in writing, express or implied are 5 years and unwritten contracts, express or implied are 4 years. Likewise, recovery of personal property, relief on grounds of fraud, breach of contract for sale of goods and open account are 4 years.
Where liability is created by a federal statute where no other limitation exists, the statute of limitations is 3 years and where malpractice is involved the statute of limitations is only 2 years.
NOTE: Consumers with an unpaid debt toward a credit card that may be facing a lawsuit can interrupt the Statute of Limitations from running out by partial payment made or by written acknowledgement of debt. The statute may begin to run anew from the date the partial payment or written acknowledgement was made (Neb. Rev. Stat. §25-216) as the payment or new agreement creates a whole new contract.
NOTE: Actions based on breach of contract for sale may be reduced to not less than one year.
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