As every lawyer knows, the statute of limitations is the death knell for any case if the deadline it sets to bring a lawsuit is missed.
Collecting on money owed pursuant to a contract is generally governed by a four-year statute of limitations, which begins to run upon the breach of that contract. One way to extend that statute is to find a way to toll it. The case of In Re Michael Angelo Corry Inn, 297 B.R. 435 (W.D., PA 2003), provides one innovative way to try and toll it. Specifically, the court in the case analyzed whether acknowledging a debt and promising to repay serves as a way to toll the statute of limitations.
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