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The video tutorial discusses the revival of promissory notes and associated liens or mortgages after the statute of limitations expires. A statute of limitations sets a time limit for pursuing civil claims, which varies by type of claim. In Texas, for instance, the statute of limitations for automobile collision claims is two years, meaning lawsuits must be filed within that timeframe to avoid being barred. For promissory notes, which are agreements to repay borrowed money, the statute of limitations is typically four years. These notes often come with security interests in real estate or vehicles, serving as collateral for the borrowed funds.
