Friday, 10 August 2012 13:29

USA Debt Recovery - Statute of Limitations by State

Written by

    Continuing our series of articles on debt collection in the USA, this article covers the Statute of Limitations and Interest Rates on a state by state basis. This article is based on a recent review conducted by our American Debt Collection partner via their network of state based debt collection attorneys.

    Before considering legal proceedings to recover an business debt in America we would recommend you first read the preceding three articles in this series.

    Part 1 - USA Debt Collection Procedures

    Part 2 - Ten Questions to ask before Suing a Debtor in the USA

    Part 3 - USA Debt Collection - Court Witnesses

    As individual states have the power to pass local legislation at any time some of the information below may now no longer be correct and is provided as guidance only. If your company is considering legal action to collect a debt in the USA you must always speak to an experienced and ethical local attorney.

    Key

    • Open Account = Standard credit account with no securities or guarantees
    • Oral Agreement = A verbal contract. Note never offer credit on a verbal contract.
    • Written Contract = A credit account usually backed up by a guarantee or letter of credit.

     

    A - D

    Alabama

    • Open Account - 3 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    Alaska

    • Open Account - 3 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    Arizona

    • Open Account - 3 years
    • Oral Agreement - 3 years
    • Written Contract - 6 years

    Arkansas

    • Open Account - 3 years
    • Oral Agreement - 3 years
    • Written Contract - 5 years

    California

    • Open Account - 4 years
    • Oral Agreement - 2 years
    • Written Contract - 4 years

    Colorado

    • Open Account - 3 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    Connecticut

    • Open Account - 3 years
    • Oral Agreement - 3 years
    • Written Contract - 6 years

    Delaware

    • Open Account - 3 years
    • Oral Agreement - 3 years
    • Written Contract - 3 years

    District of Columbia

    • Open Account - 3 years
    • Oral Agreement - 3 years
    • Written Contract - 3 years

    F - L

    Florida

    • Open Account - 4 years
    • Oral Agreement - 4 years
    • Written Contract - 5 years

    Georgia

    • Open Account - 6 years
    • Oral Agreement - 4 years
    • Written Contract - 6 years

    Hawaii

    • Open Account - 6 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    Idaho

    • Open Account - 4 years
    • Oral Agreement - 4 years
    • Written Contract - 5 years

    Illinois

    • Open Account - 5 years
    • Oral Agreement - 5 years
    • Written Contract - 10 years

    Indiana

    • Open Account - 6 years
    • Oral Agreement - 6 years
    • Written Contract - 10 years

    Iowa

    • Open Account - 5 years
    • Oral Agreement - 5 years
    • Written Contract - 10 years

    Kansas

    • Open Account - 3 years
    • Oral Agreement - 3 years
    • Written Contract - 6 years

    Kentucky

    • Open Account - 5 years
    • Oral Agreement - 5 years
    • Written Contract - 15 years

    Louisiana

    • Open Account - 3 years
    • Oral Agreement - 10 years
    • Written Contract - 10 years

    M - O

    Maine

    • Open Account - 6 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    Maryland

    • Open Account - 3 years
    • Oral Agreement - 3 years
    • Written Contract - 3 years

    Massachusetts

    • Open Account - 6 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    Michigan

    • Open Account - 6 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    Minnesota

    • Open Account - 6 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    Mississippi

    • Open Account - 3 years
    • Oral Agreement - 3 years
    • Written Contract - 3 years

    Missouri

    • Open Account - 5 years
    • Oral Agreement - 5 years
    • Written Contract - 10 years

    Montana

    • Open Account - 8 years
    • Oral Agreement - 5 years
    • Written Contract - 6 years

    Nebraska

    • Open Account - 4 years
    • Oral Agreement - 4 years
    • Written Contract - 5 years

    Nevada

    • Open Account - 4 years
    • Oral Agreement - 4 years
    • Written Contract - 6 years

    New Hampshire

    • Open Account - 3 years
    • Oral Agreement - 3 years
    • Written Contract - 3 years

    New Jersey

    • Open Account - 6 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    New Mexico

    • Open Account - 4 years
    • Oral Agreement - 4 years
    • Written Contract - 6 years

    New York

    • Open Account - 6 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    North Carolina

    • Open Account - 3 years
    • Oral Agreement - 3 years
    • Written Contract - 3 years

    North Dakota

    • Open Account - 6 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    Ohio

    • Open Account - 6 years
    • Oral Agreement - 6 years
    • Written Contract - 15 years

    Oklahoma

    • Open Account - 3 years
    • Oral Agreement - 3 years
    • Written Contract - 5 years

    Oregon

    • Open Account - 6 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    P - W

    Pennsylvania

    • Open Account - 4 years
    • Oral Agreement - 4 years
    • Written Contract - 4 years

    Rhode Island

    • Open Account - 4 years
    • Oral Agreement - 10 years
    • Written Contract - 5 years

    South Carolina

    • Open Account - 3 years
    • Oral Agreement - 3 years
    • Written Contract - 3 years

    South Dakota

    • Open Account - 6 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    Tennessee

    • Open Account - 6 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    Texas

    • Open Account - 4 years
    • Oral Agreement - 4 years
    • Written Contract - 4 years

    Utah

    • Open Account - 4 years
    • Oral Agreement - 4 years
    • Written Contract - 6 years

    Vermont

    • Open Account - 6 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    Virginia

    • Open Account - 3 years
    • Oral Agreement - 3 years
    • Written Contract - 5 years

    Washington

    • Open Account - 3 years
    • Oral Agreement - 3 years
    • Written Contract - 6 years

    West Virginia

    • Open Account - 5 years
    • Oral Agreement - 5 years
    • Written Contract - 10 years

    Wisconsin

    • Open Account - 6 years
    • Oral Agreement - 6 years
    • Written Contract - 6 years

    Wyoming

    • Open Account - 8 years
    • Oral Agreement - 8 years
    • Written Contract - 10 years

    Please remember the above is provided as guidance only and must not be relied upon as legal advice as individual states may have made amendments to their legislation in the interim.

    If your company is considering legal action to recover a B2B Debt in the USA why not contact us and find out how we can help you avoid unnecessary and expensive litigation.

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