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The tutorial discusses the revival of a promissory note and associated liens or mortgages after the statute of limitations has expired. All civil claims have a statute of limitations set by legislation, which bars the ability to pursue claims after a specific time frame. In Texas, the statute of limitations for automobile collision claims is two years; failing to file within this period typically results in the claim being barred. For promissory notes, which are agreements to repay borrowed money, the statute of limitations is usually four years. These notes often come with security interests, such as real estate or vehicles, related to the borrowed amount.
