If you have a non-performing note collateralized by real estate in Kentucky, congratulations! You have up to 15 years to sue the debtor.
Once a debt passes beyond the statute of limitations of a particular state, you cannot sue the debtor for payment. So if you own notes, you need to know the laws of the state(s) where the collateral is located.
Click this link for a list of states and their statute of limitations for delinquent debt for promissory notes, written contracts, oral contracts and open-ended accounts (such as credit cards).
(Thanks to T. K. Lewis for alerting us to this website.)
