New York Statute of Limitations on Debt Collection

What is statute of limitations? It is a limit on the time that a party has to file a lawsuit for an alleged wrong. For most consumer cases, that would be a breach of contract, such as paying off a credit card debt back to the credit card company. In other words, the statute of limitations is the time with which the credit card company has to file a lawsuit against a person they claim has breached the agreement to pay. If this time allowed by the state has already passed, you can no longer be sued successfully for the debt.

N. Y. Civil Practice Law and Rules: Chapter Eight of the Consolidated Laws, Article 2 – Limitations of Time:

212. Actions to be commenced within ten years. (a) Possession necessary to recover real property. (b) Annulment of letters patent. (c) To redeem from a mortgage.

213. Actions to be commenced within six years: where not otherwise provided for; on contract; on sealed instrument; on bond or note, and mortgage upon real property; by state based on misappropriation of public property; based on mistake; by corporation against director, officer or stockholder; based on fraud.

213-a. Actions to be commenced within four years; residential rent overcharge.

214. Actions to be commenced within three years: for non- payment of money collected on execution; for penalty created by statute; to recover chattel; for injury to property; for personal injury; for malpractice other than medical or dental malpractice; to annul a marriage on the ground of fraud.

S 203. Method of computing periods of limitation generally. (a) Accrual of cause of action and interposition of claim. The time within which an action must be commenced, except as otherwise expressly prescribed, shall be computed from the time the cause of action accrued to the time the claim is interposed.

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