Since last October 7, 2015, a reform has come into force that has reduced the term to claim a debt from 15 to 5 years, as well as any obligation derived from a commercial, commercial or benefit relationship of services, when there is a contract and when the law does not specify a specific term. http://www.bitjour.com/do-payday-loan-consolidation-companies-work/ for more.
On October 6, 2015, Law 42/2015, of October 5, reform of Law 1/2000, of January 7, on Civil Procedure, has been published in the Official Good Finance.
The term to claim a debt is reduced to 5 years
Among other important developments, this Law modifies the Civil Code, specifically Article 1.964 section 2, to reduce the statute of limitations for the exercise of personal actions that did not have a special term – compared to the previous fifteen-year period. to this modification.
Likewise, it is clarified that the calculation of this statute of limitations begins to be counted from the moment in which the fulfillment of the breached obligation could be demanded and that, in the case of “continued” obligations or successive agreements, the term will begin each time that is broken.
Remember that this novelty affects all those claims
That may arise due to contractual liability (that is when a contract is signed), derived from a provision of services, commercial or commercial relationship, as well as debts; In short, countless legal relationships between creditor and debtor. For example:
- Obligations that may derive from a sales contract
- Claims for breach of contract
- Claims to the community of owners for damages suffered by a common element
- Claims for the delivery of a house with vices
- The claim of the lessor in a lease for the review of income, etc …
This modification entered into force on October 7, 2015. It should be understood that the prescription initiated before the said entry into force will be governed by the previous rule (15 years). However, if the period required by the new standard (5 years) has elapsed since the said entry into force, the prescription will take effect.