The term of validity of IOUs and IOUs

IOUs and IOUs are valid for three years.

Starting from the repayment date indicated on the IOU. If the lender fails to claim the rights to the people's court for more than three years, the people's court will no longer protect it. If the repayment date is not indicated, the lender may ask the borrower to repay at any time. If the IOUs and IOUs are concluded according to law, the IOUs and IOUs will have a long-term effect before the parties pay off all their debts. However, the limitation of action is three years, and within three years, the lender may sue the court for rights protection according to law; After more than three years, the borrower enjoys the right of defense of the statute of limitations.

The statute of limitations for IOUs is 3 years, counting from the repayment date indicated on IOUs. If the lender fails to claim the rights to the people's court for more than three years, the people's court will no longer protect it. For the IOU without repayment date, the lender may ask the borrower to repay at any time, but if the lender fails to claim the right within 20 years after the borrower issues the IOU, the limitation of action will not start.

The statutory limitation of IOUs is three years. For the IOUs with the date of debt settlement, the limitation of action shall be counted from the date of debt settlement. If the repayment date is not indicated in the IOU, the limitation of action shall be counted from the day after the debtor issues the IOU. As can be seen from the above, the difference is that the statute of limitations for IOUs with no repayment period is 20 years, while the statute of limitations for IOUs without repayment period is only 3 years. In addition, the law also has the same provisions on the statute of limitations for IOUs and IOUs with a debt repayment period (3 years).

legal ground

People's Republic of China (PRC) Civil Code

Article 188 The limitation of action for requesting the people's court to protect civil rights shall be three years. Where there are other provisions in the law, those provisions shall prevail. The limitation period of action shall be counted from the date when the creditor knows or should know that the right is damaged and the debtor knows it. Where there are other provisions in the law, those provisions shall prevail. However, the people's court shall not protect the rights that have been damaged for more than 20 years. Under special circumstances, the people's court may decide to extend the time according to the application of the obligee.