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The difference between a promissory note and a regular written contract is that the scheduled payments and interest on the loan also is spelled out in the promissory note. Open-ended Accounts: Open-ended accounts are usually credit cards, department store, and gas cards. ) However, limitations by agreements may be reduced, but not less than one year (A. Actions involving fiduciary bonds, out of state instruments and foreign judgments: 4 years. NOTE: Payment, unaccompanied by a writing acknowledging the debt, does not stopped the statute. 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. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it. Open account: 3 years, NOTE: Each payment renews the So L on all items purchased within the 3 years prior that payment.