The law stipulates how long an IOU is valid

1. How long is the IOU valid for?

The validity period of an IOU refers to the statute of limitations of the IOU, and the statute of limitations of the IOU does not affect the validity of the IOU itself. As long as it is legally signed, a genuine and valid IOU, no matter how long it is, the IOU itself is valid. Time is only a matter of ensuring whether the statute of limitations has expired and whether it will be protected by the law.

As for the statute of limitations for IOUs, the statute of limitations for private loans depends on whether the repayment time is agreed, and if the repayment date is specified, then the statute of limitations is calculated for three years from the day after the repayment date. If there is no time for restitution, the maximum statute of limitations is 20 years.

2. What to do if the statute of limitations for IOUs has expired.

1. When the statute of limitations has expired, try to consider promoting the repayment agreement reached by the parties on the original IOU and IOU through friendly negotiation. If the parties reach a repayment agreement on the original debt, the repayment agreement is a new creditor's right and debt relationship, and the repayment agreement shall be protected by law.

2. If the parties are unable to negotiate, one of the creditors may consider issuing a notice to the other party to collect the payment of the due amount. According to the relevant laws and regulations, if a credit union issues a notice of demand for a loan to the borrower after the statute of limitations, and the debtor signs or seals the notice, it shall be regarded as a reconfirmation of the original debt, and the creditor-debtor relationship shall be protected by law. Although the legal status of the borrower is not necessarily the same as that of a credit union, the borrower can still consider taking such measures, which is better than nothing at all.

3. If the lender has claimed rights against the borrower within 3 years, and there is evidence to prove it, it will cause the interruption of the statute of limitations, and the statute of limitations will be recalculated from the date of interruption.

4. Assert rights through non-litigation means.

According to the Supreme People's Court's "Opinions on Several Issues Concerning the Implementation of Enforcement", if the right holder submits a request to the people's mediation committee or relevant units to assert its rights, the statute of limitations shall be interrupted from the time the request is made. If no agreement can be reached through mediation, the statute of limitations shall be recalculated; If an agreement is reached through mediation, and the obligor fails to perform its obligations within the time limit specified in the agreement, the limitation period shall be recalculated from the expiration of the performance period. In addition, if the debtor claims rights against the arbitration authority or the relevant competent authority, the statute of limitations may also be interrupted.

According to the latest regulations, the ordinary statute of limitations has been increased to 3 years, while the maximum statute of limitations is still 20 years. As for the statute of limitations for IOUs, the ordinary statute of limitations and the maximum statute of limitations generally apply, not the special statute of limitations. When the statute of limitations has expired, it can only be said that the creditor has lost the right to win the lawsuit, but it can still recover the debt from the debtor through other non-litigation methods.

Extended reading: How to write an IOU to be legally valid?

Whether it is legal to borrow an IOU signed by a loan shark.

How to calculate the statute of limitations of 20 years for IOUs?

If the IOU indicates the date of repayment, the limitation period shall be three years from the day after the date of repayment, and if the IOU does not stipulate the date of repayment, the maximum limitation period shall be 20 years according to the provisions of the General Provisions of the Civil Law.

How long is the IOU valid for.

Legal analysis: If the validity period of the IOU has a repayment date, the statute of limitations shall be counted for three years from the day after the repayment date; If there is no repayment date, three years shall be counted from the date on which the right holder knows or should know that the right has been infringed by the payment key, and the maximum amount shall not exceed 20 years.

Legal basis: Civil Code

Article 188:[Ordinary Statute of Limitations, Longest Period for Protection of Rights]The statute of limitations period for requesting protection of civil rights from the people's court is three years. Where the law provides otherwise, follow those provisions.

The limitation period is calculated from the date on which the person with the right knows or should know that the right has been damaged and that the obligor. Where the law provides otherwise, follow those provisions. However, if more than 20 years have elapsed since the date on which the rights were infringed, the people's courts will not grant protection, and where there are special circumstances, the people's courts may decide to extend the rights holder on the basis of the right holder's application.

The limitation period is calculated from the date on which the right holder knows or should know that the right has been damaged and the obligor. Where the law provides otherwise, follow its provisions on clearing branches. However, if more than 20 years have elapsed since the date on which the rights were infringed, the people's court will not grant protection, and if there are special circumstances, the people's court may decide to extend the judgment on the basis of the application of the rights holder.

Legal basis: Civil Code of the People's Republic of China

Article 188:The statute of limitations for requests to the people's courts for the protection of civil rights is three years. Where the law provides otherwise, follow those provisions.

The limitation period is calculated from the date on which the right holder knows or should know that the right has been damaged and the obligor. Where the law provides otherwise, follow those provisions. However, if the excavation exceeds 20 years from the date on which the right was infringed, the people's court shall not protect it, and if there are special circumstances, the people's court may decide to extend it on the basis of the application of the right holder.

A legally signed IOU, no matter how long it is, is valid on its own. The regulations are as follows:

1. The statute of limitations for IOUs is the time limit;

2. The statute of limitations for IOUs is 3 years. Calculated from the date of repayment date indicated on the IOU. If the lender fails to claim rights with the people's court for more than three years, the people's court will no longer protect it;

3. For IOUs that do not indicate the date of repayment, the lender may request repayment from the borrower at any time, but if the lender does not claim its rights within 20 years after the borrower issues the IOU, the statute of limitations will not be calculated.

1. The latest statute of limitations for IOUs.

The statute of limitations for IOUs that do not specify the date of settlement of arrears is three years. However, the law also stipulates that the statute of limitations for IOUs without an indication of the date of repayment is 20 years. IOUs are also different from IOUs in the legal sense.

The IOU is a kind of loan fact that proves the loan contract relationship and is the basis for the borrower to issue a loan fact to the lender when the lender delivers the loan to the borrower. The IOU should state the name of the lender, the amount borrowed (in upper and lower case), the signature or seal of the borrower, and the date of issuance of the IOU. If there is an interest-bearing loan, it is also necessary to indicate the repayment method, the calculation method of interest, the liability for default, etc.

The law stipulates that the statute of limitations for IOUs is 3 years from the date of the repayment period indicated on the IOU. If the lender fails to claim its rights with the people's court for more than 3 years, the people's court will no longer protect it. For IOUs that do not indicate the date of repayment, the lender may request repayment from the borrower at any time, and the statute of limitations shall be calculated from the day after the lender asserts its rights.

However, if the lender does not assert its rights within 20 years after the borrower issues the IOU, the statute of limitations does not start.

An IOU is a kind of creditor's rights relationship between the parties in the course of economic exchanges, such as arrears formed by sales, damages, hidden services, etc., and a settlement basis issued by the debtor to the creditor. The IOU must state the name of the creditor, the amount owed (in upper and lower case), the time of arrears, and finally the signature or seal of the debtor, and the date of issuance of the IOU.

The law stipulates that the statutory limitation period for IOUs is 3 years, and the limitation period for IOUs that have indicated the date of performance of the arrears shall be calculated from the date on which the date of repayment of the arrears is indicated, and for the IOUs that do not indicate the date of performance of the arrears, the limitation period shall be calculated from the day after the debtor issues the IOUs.

To sum up, it can be seen that the statute of limitations for IOUs is generally 3 years. From a legal point of view, it is better to write an IOU when borrowing than an IOU. Of course, there are many details that cannot be ignored when writing an IOU, otherwise it will easily lead to disputes.