This IOU is legally binding. If it can be proved that the loan is written or signed by the borrower himself, the fact of borrowing can be recognized (that is, it has legal effect. Of course, a complete IOU should specify the loan amount, repayment date, loan date, whether interest is agreed, the borrower's signature and fingerprint). Creditors should claim repayment within the limitation of action of two years after the loan date or repayment, otherwise it will be deemed as waiver of recourse. Refer to the relevant provisions of the current General Principles of the Civil Law: Article 135 The limitation period for requesting the people's court to protect civil rights is two years, unless otherwise stipulated by law.

Article 136 The limitation period for the following actions is one year: (1) claiming compensation for personal injury;

(two) the sale of substandard goods has not been declared; (3) delaying or refusing to pay the rent; (4) Loss of or damage to the property in escrow.

Article 137 The limitation period of action shall be counted from the time when one knows or should know that one's rights have been infringed. However, if more than 20 years have passed since the right was infringed, the people's court will not protect it. Under special circumstances, the people's court may extend the limitation of action.

Article 138 After the expiration of the limitation of action, if the parties voluntarily perform it, they shall not be limited by the limitation of action.

Article 139 If the right of claim cannot be exercised due to force majeure or other obstacles within the last six months of the limitation of action, the limitation of action shall be suspended. From the date when the reasons for the suspension of the limitation of action are eliminated, the limitation of action shall continue to be counted.

Article 140 The limitation of action is interrupted by bringing a lawsuit, a party making a request or agreeing to perform an obligation. From the time of interruption, the limitation period of action shall be recalculated.