A new promise is a written commitment made by a debtor to a creditor. This promise can occur after the statute of limitations has expired on a debt, effectively reviving the obligation. Alternatively, it can be made before the expiration to keep the debt active. This new promise serves as an addition to or a replacement for the original agreement between the debtor and creditor.
New promises are commonly used in civil law, particularly in debt collection cases. They can be crucial in situations where debts are nearing the expiration of the statute of limitations. By making a new promise, debtors can ensure that their obligations remain enforceable. Users can manage related forms, such as debt acknowledgment agreements, through resources like US Legal Forms, which provide templates prepared by legal professionals.
Here are a couple of examples of abatement:
Example 1: A debtor owes a creditor $5,000. The statute of limitations on this debt is about to expire. The debtor signs a new promise to pay the debt, thus reviving the obligation. This allows the creditor to pursue collection without the limitations of time.
Example 2: A person has a loan agreement that is nearing its expiration under the statute of limitations. They sign a new agreement to reaffirm the debt, keeping it alive and enforceable. (hypothetical example)
| State | Statute of Limitations on Debt | New Promise Requirements |
|---|---|---|
| California | 4 years | Must be in writing and signed by the debtor. |
| New York | 6 years | Must be in writing; verbal promises are not sufficient. |
| Texas | 4 years | Written acknowledgment or promise required. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Key Differences |
|---|---|---|
| Original Agreement | The initial contract or obligation between parties. | A new promise may replace or supplement the original agreement. |
| Debt Acknowledgment | A statement recognizing the existence of a debt. | A new promise is a commitment to pay, while acknowledgment does not imply a commitment. |
If you find yourself in a situation involving a new promise, consider the following steps:
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