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Lender has 10 years to collect debt
July 2, 2015 10:11 pm
by PERSIDA ACOSTA



Dear PAO,

I extended a loan to my neighbor to be paid within a year. This is evidenced by a written agreement between the two of us. Before the one year period ended, I went abroad and returned after three years. Until when can I collect from my neighbor who failed to pay me within the period agreed upon?

Henry

Dear Henry,

Your question hinges on the prescriptive period of your right to demand payment from your debtor. The New Civil Code of the Philippines gives light to this, to wit:

“Art. 1144. The following actions must be brought within 10 years from the time the right of action accrues:

(1) Upon a written contract;
(2) Upon an obligation created by law;
(3) Upon a judgment.”

Your right to demand the payment of the loan which you extended to your neighbor as evidenced by a written agreement
commenced from the time he defaulted in his obligation to pay you. Since he failed to pay you within the one-year period as agreed upon, your right to demand the same started immediately after the said one year period expired.

According to the above law, you have 10 years within which to collect the loan from your neighbor, to be reckoned with, from the time he defaulted. After the lapse of the said period, you can no longer compel your neighbor to pay you, as the obligation to pay has been reduced to moral or natural obligation, which cannot be enforced by the court but may be voluntarily fulfilled by the obligor (Article 1423, New Civil Code of the Philippines).

At any rate, the running of the prescriptive period is interrupted or halted when a case is filed in court, when a written extrajudicial demand is made by the creditor to the debtor or when there is any written acknowledgment of the debt by the debtor (Article 1155, New Civil Code of the Philippines).

Again, we find it necessary to mention that this opinion is solely based on the facts you have narrated and our appreciation of the same. The opinion may vary when the facts are changed or elaborated.

We hope that we were able to guide you with our opinion on the matter.

Lender has 10 years to collect debt - The Manila Times OnlineThe Manila Times Online

[1D4LV]

yes, its called as prescription period..... 10 years.....

however you cannot really force someone to pay you, if he can't really pay..... debt is not punishable by imprisonment, but you can acquire certain properties not exempted by the Civil Code.

kaya ang turo din sa amin sa church, only lend someone something that you think you can afford to lose.

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yes, its called as prescription period..... 10 years.....

however you cannot really force someone to pay you, if he can't really pay..... debt is not punishable by imprisonment, but you can acquire certain properties not exempted by the Civil Code.

kaya ang turo din sa amin sa church, only lend someone something that you think you can afford to lose.

[CLAVEL3699]

Kaya pala ang Credit Card hanggang 10yrs lang pwede maningil hehehehe

[_Cathy_]

Pwede ka pala umutang at umutang tapos mawala sa bansa for 10 years. Pag balik wala ng magagawa.

[shadow]

Kaya pala ang Credit Card hanggang 10yrs lang pwede maningil hehehehe

Tagal din yan ah.

[glenn manikis]

Pwede ka pala umutang at umutang tapos mawala sa bansa for 10 years. Pag balik wala ng magagawa.

Kahit Wala ka Sa pinas Pwede ka pa din kasuhan... Your subpoena or summons will be course thru the embassy... And published Lang sa newspaper ang complaint sayo.. Considered valid service or served summons na yun... Pag balik mo after 10years... May warrAnt ka na, or may writ of execution na assets...

[glenn manikis]

It only means Lang you have 10 years to file your complaint... After ten years... Nag prescribed na...

[99moves]

kung sakali magka amnesia or masiraan ng ulo yung may utang, valid pa ba yun?

[glenn manikis]

............................

[1D4LV]

Kahit Wala ka Sa pinas Pwede ka pa din kasuhan... Your subpoena or summons will be course thru the embassy... And published Lang sa newspaper ang complaint sayo.. Considered valid service or served summons na yun... Pag balik mo after 10years... May warrAnt ka na, or may writ of execution na assets...

nope.... civil cases for sum of money do not come with a warrant..... nagkakaroon lang ng warrant kung may BP22 or estafa cases.

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Kahit Wala ka Sa pinas Pwede ka pa din kasuhan... Your subpoena or summons will be course thru the embassy... And published Lang sa newspaper ang complaint sayo.. Considered valid service or served summons na yun... Pag balik mo after 10years... May warrAnt ka na, or may writ of execution na assets...

nope.... civil cases for sum of money do not come with a warrant..... nagkakaroon lang ng warrant kung may BP22 or estafa cases.

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kung sakali magka amnesia or masiraan ng ulo yung may utang, valid pa ba yun?

you have to prove in court na talagang may amnesia o may sira ka na.

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kung sakali magka amnesia or masiraan ng ulo yung may utang, valid pa ba yun?

you have to prove in court na talagang may amnesia o may sira ka na.