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The video tutorial discusses the revival of a promissory note and related liens, security interests, or mortgages after the statute of limitations has expired. Statutes of limitations, set by the legislature, bar the pursuit of civil claims after a specific period. For instance, in Texas, the statute of limitations for automobile collision claims is two years; failing to file within this timeframe typically results in a barred claim. For promissory notes, which serve as agreements to repay borrowed money, the statute of limitations is generally four years in Texas. Promissory notes usually involve a security interest in assets, such as real estate or vehicles.
