Tag Archives: limitation period

Loans and Limitation Periods

There are almost an infinite variety of loan formats and types.  At the more formal end you have mortgages and at the other end of the spectrum you have personal oral agreements between family and/or friends.  Then there is everything else in between.  Regardless of the type of loan, what the lender needs to be aware of is when his or her rights to enforce and collect on that loan will legally expire, because once the right is lost it cannot be revived.