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The video tutorial discusses the revival of a promissory note and associated liens or security interests after the expiration of the statute of limitations. Statutes of limitations, established by legislature, set time frames within which claims must be pursued; once this period expires, the ability to file a claim is barred. For instance, in Texas, the statute of limitations for automobile collision claims is two years, meaning lawsuits must be filed within this timeframe to avoid being barred. Promissory notes, which are agreements to repay borrowed money, have a typically four-year statute of limitations in Texas. These notes often come with a security interest in assets such as real estate or vehicles.
