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The tutorial discusses the revival of a promissory note and associated liens or security interests after the statute of limitations expires. Statutes of limitations, set by legislators, dictate the time frame for pursuing civil claims, which varies by state. In Texas, the statute of limitations for automobile collision claims is two years, meaning that if a lawsuit is not filed within that period, the claim is typically barred. For promissory notes, which are agreements to repay borrowed money, the Texas statute of limitations is typically four years. These notes often come with security interests in assets like real estate or vehicles.
