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Statute Of Limitations
The statute of limitations refers to the time of suing a person. As for as debt collection is concerned, it is the time when the consumer can even be sued to collect the debt. The statute of limitations differs from one state to another depending upon the type of case and type of the debt.
In other words, a statute of limitations refers to a statute in a common law legal system which is responsible for setting forth the maximum period of time usually after certain events. As a result, the legal proceedings will be based on those events.
In civil law system, several similar provisions are part of the civil code or criminal code and are often known collectively as periods of prescription or prescriptive periods. The main aim of statutes of limitations is to ensure fairness. Similarly, the length of the statute also differs from one country to another.
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