Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(735 ILCS 5/13-206) (from Ch. 110, par. 13-206)
Sec. 13-206. Ten year limitation. Except as provided in Section 2-725
of the "Uniform
Commercial Code", actions on bonds, promissory notes, bills of exchange,
written leases,
written contracts, or other evidences of indebtedness in writing and actions brought under the Illinois Wage Payment and Collection Act shall
be commenced within 10 years next after the cause of action accrued; but
if any payment or new promise to pay has been made, in writing,
on any bond, note, bill, lease, contract, or other written evidence of
indebtedness, within or after the period of 10 years, then an action may
be commenced thereon at any time within 10 years after the time of such
payment or promise to pay.
For purposes of this Section, with regard to promissory notes dated on or
after the effective date of this amendatory Act of 1997, a cause of action on a
promissory note payable at a definite date accrues on the due date or date
stated in the promissory note or the date upon which the promissory note is
accelerated. With respect to a demand promissory note dated on or after the
effective date of this amendatory Act of 1997, if a demand for payment is made
to
the maker of the demand promissory note, an action to enforce the obligation of
a party to pay the
demand promissory note must be commenced within 10 years after the demand. An
action to enforce a demand
promissory note is barred if neither principal nor interest on the demand
promissory note has been paid for a continuous period of 10 years and no demand
for payment has been made to the maker during that period.
(Source: P.A. 95-209, eff. 8-16-07.)
|
