STATUTE OF LIMITATIONS
Open Acct.: §1-52(1)
Oral Contracts; §1-52(1)
Written Contract Not Under Seal; §1-52(1)
§1-52. Three years.
Within three years an action -
(1) Upon a contract, obligation or liability arising out of a contract,
express or implied, except those mentioned in the preceding sections or in G.S.
NC is a "last item" State, i.e. the starting date ( accrual date) of the cause of action is on the date when a payment or charge was made,
WHILE the account was open, current and mutual
North Carolina Statutes
§ 1‑31. Action upon a mutual, open and current account.
In an action brought to recover a balance due upon a mutual, open and current account, where there have been
reciprocal demands between the parties, the cause of action accrues from the time of the latest item proved
in the account on either side. (C.C.P., s. 39; Code, s. 160; Rev., s. 376; C.S., s. 421; 1951, c. 837, s. 1.)
North Carolina RISA
Retail Installment Sales Act
Florida and N.C. Licensed Lawyer "The Avenger"
2154 Dowd Dairy Rd
White Oak, NC 28399
N.C. CONSUMER LAWYER