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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. All civil claims are subject to limitations set by legislation. The statute of limitations indicates that after a specific time frame, the ability to pursue a claim is barred. For instance, in Texas, the statute of limitations for automobile collisions is two years; thus, failure to file a lawsuit within this period typically results in the claim being barred. For promissory notes, which are agreements to repay borrowed money, the Texas statute of limitations is usually four years. These notes are often secured by interests in real estate or vehicles.
