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How Long After the Date of Loan or Debt Does a Company Have to Pursue Collection?

Question: How long after the date of loan or debt does a company have to pursue collection?

Answer: Common Illinois statutes of limitation are: 4 years for the purchase or lease of goods on time; 10 years for breach of a contract that is wholly in writing, such as a note; 5 years for breach of a contract that is not wholly in writing, such as a general purpose bank credit card. The statute generally runs from breach or last payment, whichever is later.

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