Statute of Limitations on Debt Collection in Oregon

A statute of limitations is a law that limits the amount of time in which a legal procedure may be enacted. After this period expires, the debt may not be legally challenged in a court. All states have a stature of limitations regarding debt collection, all with different lengths of time. The statute of limitations of debts in Oregon depends on what kind of debt is outstanding.

Judgments

A judgment is a result of a court case, both civil or criminal. Some judgements may involve a financial remedy. Such judgements will typically begin on the day the judgment is made. Judgements may be amended by the court on a later date. Normally, an individual has up to 30 days to pay the judgment. Judgements in Oregon, which may include any judgment within the United States, has a statute of limitations of 10 years. During this time, and after the initial 30 days, interest accrues at 4 percent over the interest rate of a Treasury bill.

Collection of Debt

This may include any secured or unsecured debts, such as a mortgage payment or a credit card bill. Mortgage payments are typically settled through a foreclosure, in where the house is seized by the lending institutions. Unsecured debts such as credit card debts, however, may be harder to settle. In Oregon, the statute of limitations for the defense of a lawsuit concerning debts is six years.

Contracts

These may be in the form of written or oral agreements between two individuals or companies. Most contracts have liability clauses. If such a liability clause is violated by one of the parties, the other party may be entitled to a financial remedy which may or may not be enforced by the law. Contracts in Oregon, both written and oral, have a statute of limitations of six years and are regarded under the same law as regular debts.

Collection of Rents

Laws involving the collection of rents involve the leasing of property. In the state of Oregon, the landlord or leasing agent has a period of up to one year to claim any past unpaid rents. This law has little to do with eviction, which is covered by another statute. A landlord my pursue a tenant for unpaid rent even if he is already evicted.