Debt is defined as a position held by a natural or legal person to execute their payment responsibilities for the exercise of economic activity. In other words, it is the money that remains to be paid for some benefit.
The statute of limitations is the limited period of time creditors or debt collectors have to file a lawsuit to recover a debt.
The prescription of a debt, according to article 1583 of the Civil Code, is a way to extinguish obligations, that is, it immediately cancels the need to pay the money. “If the debt prescribes, it would not have to be paid legally, they could not sue him under that concept, who sues cannot collect”details the lawyer Jack Sotelo.
The prescription, according to article 2415, is given after five years for executive actions (the judicial route) and ten years for ordinary actions.
Not in all cases the debts prescribe. Lawyer Sotelo explains that food and inhumanity issues do not apply and that in his opinion, based on morality, a debt should never prescribe. (I)
Source: Eluniverso
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