The absence of a repayment date in the IOU will not affect the validity of the IOU. The borrower can request the debtor to repay at any time, but also give the other party a reasonable repayment time. In the process of disputes over creditor's rights and debts, attention should be paid to the three-year limitation of action for creditor's rights. At this time, the effect should be calculated from the expiration of the debtor's repayment period. When requesting the other party to repay, attention should be paid not to exceed the limitation of action, otherwise the debt will not be protected by law.
[Legal Basis]
In Article 188 of the General Principles of the Civil Law, the limitation period of action for requesting the people's court to protect civil rights is three years. If the law provides otherwise, such provisions shall prevail.
The limitation period of action shall be counted from the date when the obligee knows or should know that his rights have been damaged and the obligor. If the law provides otherwise, such provisions shall prevail. However, if it has been more than 20 years since the date of damage to rights, the people's court shall not protect them; Under special circumstances, the people's court may, upon the application of the obligee, decide to extend the time limit. (The General Principles of Civil Law will expire on December 31, 2020)
In Article 188 of the Civil Code, the limitation period of action for requesting the people's court to protect civil rights is three years. If the law provides otherwise, such provisions shall prevail. The limitation period of action shall be counted from the date when the obligee knows or should know that his rights have been damaged and the obligor. If the law provides otherwise, such provisions shall prevail. However, if it has been more than 20 years since the date of damage to rights, the people's court shall not protect them. Under special circumstances, the people's court may decide to extend them on the application of the obligee. The Civil Code will come into force on January 1, 2021)
