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    Ljshanahan's Avatar
    Ljshanahan Posts: 1, Reputation: 1
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    #1

    Sep 19, 2007, 09:29 PM
    Canadian Debt - Statute of Limitations
    I want to know how long the statute of limitations is on a debt to a third party who secured a loan that was defaulted on. I am Canadian and the debt was incured here in Canada. :confused:
    Justice Matters's Avatar
    Justice Matters Posts: 210, Reputation: 27
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    #2

    Sep 20, 2007, 03:52 PM
    Statutes of limitations vary from province to province. In Ontario the right to sue expries after two years if the debt was in default after January 1, 2004. (The limitation period before this time is six years.)

    However, if the debt is secured then it may not be necessary for the creditor to commence any legal action whatsoever since they could seize the security to satisfy the debt (depending on what the security actually is).
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