Open Accounts: 3 Years

15-1-29. Limitations applicable to actions on accounts and unwritten contracts.

Except as otherwise provided in the Uniform Commercial Code, actions on an open account or account stated not acknowledged in writing, signed by the debtor, and on any unwritten contract, express or implied, shall be commenced within three (3) years next after the cause of such action accrued, and not after, except that an action based on an unwritten contract of employment shall be commenced within one (1) year next after the cause of such action accrued, and not after.

SEC. 15-1-3. Completion of limitation extinguishes right. The completion of the period of limitation prescribed to bar any action, shall defeat and extinguish the right as well as the remedy. However, the former legal obligation shall be a sufficient consideration to uphold a new promise based thereon.
SOURCES: Codes, 1880, Sec. 2685; 1892, Sec. 2755; 1906, Sec. 3115; Hemingway's 1917, Sec. 2479; 1930, Sec. 2313; 1942, Sec. 743.

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