Statute of Limitations on New York Contracts
New York's statute of limitations on enforcing contracts or claiming damages in court depends on the type of contract. In addition, those who win their lawsuits are granted an extensive amount of time in which they can collect their judgments.
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Statute of Limitations
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A statute of limitations is a restriction on the amount of time in which a party to a contract can pursue legal action against another. After the statute of limitations has passed, enforcing a contract via legal means, such as a lawsuit, becomes very difficult, if not impossible.
Time Frame
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New York law recognizes both oral and written contracts, which have the same statute of limitations of six years. One exception is the issue of rent overcharges. If a tenant believes that she was overcharged on her rent, she has four years from the time she was first charged excessive rent to file a lawsuit.
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Warning
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If you are sued in New York and the plaintiff, or the person suing you, wins, the statute of limitations on collecting their judgment is 20 years. The statute of limitations can also be renewed by court order.
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References
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