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7 LONG TITLE
8 General Description:
9 This bill modifies provisions related to a statute of limitations.
10 Highlighted Provisions:
11 This bill:
12 ▸ clarifies the statute of limitations for credit agreements; and
13 ▸ makes technical changes.
14 Money Appropriated in this Bill:
15 None
16 Other Special Clauses:
17 None
18 Utah Code Sections Affected:
19 AMENDS:
20 78B-2-309, as renumbered and amended by Laws of Utah 2008, Chapter 3
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22 Be it enacted by the Legislature of the state of Utah:
23 Section 1. Section 78B-2-309 is amended to read:
24 78B-2-309. Within six years -- Mesne profits of real property -- Instrument in
25 writing -- Fire suppression.
26 (1) An action may be brought within six years:
27 [
28 [
29 upon an instrument in writing, except those mentioned in Section 78B-2-311; [
30 [
31 (2) For a credit agreement, as defined in Section 25-5-4, the six-year period described
32 in Subsection (1) begins the later of the day on which:
33 (a) the debt arose;
34 (b) the debtor makes a written acknowledgment of the debt or a promise to pay the
35 debt; or
36 (c) the debtor or a third party makes a payment on the debt.