The statute of limitations is a principle of law that provides that those who have actionable legal claims against others must file their lawsuits in court within a specified period of time from the date the cause of action accrued. Each distinct legal cause of action, e.g., breach of contract, negligence as well as an action to recover on the balance due on a delinquent secured debt, has its own distinct limitations period. Breach of Contract Since the obligation to repay debt arises out of the existence of a binding legal contract between...