What are the Statute of Limitations for the various causes of action a creditor may have against a debtor?
A. Under Iowa law, all open accounts are subject to a five-year Statute of Limitation. Oral agreements are also subject to a five-year Statute of Limitation. Written agreements are subject to a ten-year Statute of Limitation. It should be noted that there is no Supreme Court or Court of Appeals ruling regarding whether or not the failure to pay a credit card is subject to the five-year or 10-year Statute of Limitations.
