I'm curious about loan extinctive prescription.

Loans are subject to the "extinctive prescription" system, which legally extinguishes rights if not exercised for a certain period.

Under the "Civil Act," the general extinctive prescription period for civil claims is 10 years, and if there is no claim or lawsuit demanding repayment during this period, the loan extinctive prescription is completed and the right of claim is extinguished.

However, in the following cases, the extinctive prescription may be interrupted or recalculated.

First, if the debtor has paid even part of the debt, the intention of debt fulfillment is recognized, and the prescription can start anew.

In addition, if the debtor acknowledges the existence of the debt through statements such as "I will pay soon" via text message, this constitutes grounds for prescription interruption.

In addition, if you have proceeded with legal procedures such as filing a lawsuit, applying for a payment order, or property attachment, the loan extinctive prescription is interrupted and recalculated after the procedure ends.

In other words, if there were grounds for prescription interruption, you can claim the loan even after the 10-year loan extinctive prescription has passed.

Accordingly, if it is unclear whether the prescription has been completed or if there is a possibility that the other party will claim that the prescription has been completed, it is desirable to promptly exercise your rights through filing a payment order or sending content-certified mail.