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The tutorial discusses the revival of a promissory note and associated liens or security interests following the expiration of the statute of limitations. All civil claims are governed by limitations set by statute, meaning claims can be barred if not pursued within a specified timeframe. For instance, in Texas, the statute of limitations for an automobile accident claim is two years; if a lawsuit is not filed within that period, the claim is typically barred. Similarly, for promissory notes, which are agreements to repay borrowed money, the statute of limitations is generally four years in Texas. These notes are often linked to security interests, such as real estate or vehicles.
