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Statutes of Limitations
Statutes of Limitations When Collecting On Commercial Accounts
The statute of limitations concerns the amount of time within which a legal remedy may be brought. In the case of the collection of a debt, many statutes of limitations are set by individual states and may vary considerably based on the type of contract. For example, the limitation on a judgment may be longer than one involving open or revolving accounts. It should be noted that the statute of limitations can often be revived with either a partial payment or a written promise to pay.
A commercial collector isn’t bound by a statue of limitations when requesting payment on a debt. However, the debt collector may violate provisions legal action when the debt has gone beyond the statutory time limit. Some lawyers have argued that attempting to collect commercial collection debt after the statue of limitations has expired is a misrepresentation of the legal status of the debt.
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