An action to enforce an obligation, duty, or right arising under §§ 801—1004 of this title must be commenced within three (3) years after the cause of action accrues. The statute of limitations shall be interrupted by suit or any judicial proceeding brought against the debtor, by the acknowledgment of the obligations, or by the renewal of the instrument on which the right of the creditor is based. The statute of limitations shall be considered uninterrupted by a judicial proceeding if the plaintiff should withdraw it, or the case should go by default or the complaint be dismissed. The period of the statute of limitations shall begin to be counted again, in case of the acknowledgment of the obligations, from the day this is done; in case of their renewal, from the date of the new instrument, and if the period for meeting the obligation should have been extended, from the date this extension expires.
History —Aug. 17, 1995, No. 208, § 3-111; Aug. 31, 1996, No. 176, § 3.