Thursday, August 21, 2014

The Day The Credit Card Music Died

 A) Prescription Period :

Art. 1144. The following actions must be brought within ten years from the time the right of action accrues:  (1) Upon a written contract

B)  Starting Time :

Art. 1151. The time for the prescription of actions which have for their object the enforcement of obligations to pay principal with interest or annuity runs from the last payment of the annuity or of the interest.

C) Clock Reset

Art. 1155. The prescription of actions is interrupted when
a.      they are filed before the court, or
b.      when there is a written extrajudicial demand by the creditors
c.       when there is any written acknowledgment of the debt by the debtor.