According to Article 188 of the Civil Law, the limitation of action for requesting protection of civil rights from the people's court is three years. Where there are other provisions in the law, those provisions shall prevail.
The limitation period of action shall be counted from the date when the creditor knows or should know that the right is damaged and the debtor knows it. Where there are other provisions in the law, those provisions shall prevail. However, the people's court shall not protect the rights that have been damaged for more than 20 years. Under special circumstances, the people's court may decide to extend the time according to the application of the obligee.
IOUs:
The IOU is the proof of the loan contract relationship and the basis of the loan facts issued by the borrower to the lender when the lender delivers the loan to the borrower. The IOU shall indicate the name of the lender, the loan amount (in words and figures), the borrower's signature or seal, and the date of issuance of the IOU. If the loan bears interest, the repayment method, interest calculation method and liability for breach of contract shall also be indicated.
According to the law, the statute of limitations for IOUs is 2 years, counting from the date of repayment period indicated on IOUs. If the lender fails to claim the rights to the people's court for more than two years, the people's court will no longer protect it. If the repayment date is not specified, the lender may demand repayment from the borrower at any time, and the limitation of action shall be calculated from the day after the lender claims the right. However, if the lender fails to claim rights within 20 years after the borrower issues the loan, the limitation of action will not start.
IOUs:
IOU is a kind of creditor's rights relationship arising from some kind of economic settlement in economic exchanges between the two parties, such as the arrears formed by buying and selling, damages and labor services. And the settlement basis issued by the debtor to the creditor. The IOU must specify the name of the creditor, the amount owed (in words and figures), the time of arrears, and finally the date of signature or seal of the debtor.
Legal basis:
People's Republic of China (PRC) Civil Code
Article 188 The limitation of action for requesting the people's court to protect civil rights shall be three years. Where there are other provisions in the law, those provisions shall prevail.
The limitation period of action shall be counted from the date when the creditor knows or should know that the right is damaged and the debtor knows it. Where there are other provisions in the law, those provisions shall prevail. However, the people's court shall not protect the rights that have been damaged for more than 20 years. Under special circumstances, the people's court may decide to extend the time according to the application of the obligee.