I'm in Missouri and made a personal loan to someone. They made two delayed payments to me over two years after the loan was initiated. Does this extend the statute of limitations? They are now claiming they don't have to finish paying me off due to SOL.
A statute of limitations is a time limit for filing a lawsuit. The SOL generally starts running at the breach of the agreement. When the breach occurred depends on the terms and conditions of the loan agreement.
In Missouri the SOL for the breach of a written agreement is 10 years:
516.110. Within ten years:
(1) An action upon any writing, whether sealed or unsealed, for the payment of money or property;
http://law.justia.com/codes/missouri/2015/title-xxxv/chapter-516/section-516.110/
For an unwritten agreement, it's 5 years.
516.120. Within five years:
(1) All actions upon contracts, obligations or liabilities, express or implied, except those mentioned in section 516.110,
http://law.justia.com/codes/missouri/2015/title-xxxv/chapter-516/section-516.120/
