Do claims also have a statute of limitations? What happens if the statute of limitations for claims expires?

Claims can also legally lose rights according to the statute of limitations after a certain period of time.

As you mentioned, in cases where you lent money to a friend for a long period of time and have not received it back, whether the statute of limitations has been completed plays an important role.

The statute of limitations is a system that no longer legally protects a claim if the creditor does not exercise the right for a long period despite being able to do so.

According to Articles 162 to 165 of the Civil Act, the period of statute of limitations for claims varies as follows.

General civil claims (money transactions between individuals) - 10 years
Commercial claims (monetary transactions related to business) - 5 years
Interest claims paid regularly within 1 year - 3 years
Claims confirmed by final judgment - 10 years

Also, according to Article 164 of the Civil Act, the following claims have a 1-year statute of limitations.

1. Claims for accommodation fees, food fees, room rental fees, admission fees, prices of consumables, and advance payments at inns, restaurants, room rental places, and amusement places
2. Claims for usage fees of clothing, bedding, ornaments, and other movable property
3. Claims for wages of workers and entertainers and prices of goods supplied to them
4. Claims of teachers, residence providers, and instructors regarding education, food, and lodging of students and trainees

At this time, the statute of limitations begins from the day the creditor can exercise the right, that is, the due date or the date of claim.

For example, if you lent money to a friend without a separate deadline, the statute of limitations proceeds based on the date you requested the money to be repaid.

In your case, although you said about 7 to 8 years have passed, if it was a money transaction between individuals, it is highly likely to fall under general civil claims, so there is still a possibility of claim if 10 years have not passed.

However, since the exact starting point of the statute of limitations may vary depending on the date of lending, whether repayment was requested, conversation contents, etc., it is good to receive specific judgment through consultation with an expert.