Restatement Second of Contracts § 82
Promise to Pay Indebtedness; Effect on the Statute of Limitations
- A promise to pay all or part of an antecedent contractual or quasi-contractual indebtedness owed by the promisor is binding if the indebtedness is still enforceable or would be except for the effect of a statute of limitations.
- The following facts operate as such a promise unless other facts indicate a different intention:
- A voluntary acknowledgment to the obligee, admitting the present existence of the antecedent indebtedness; or
- A voluntary transfer of money, a negotiable instrument, or other thing by the obligor to the obligee, made as interest on or part payment of or collateral security for the antecedent indebtedness; or
- A statement to the obligee that the statute of limitations will not be pleaded as a defense.
Copyright, The American Law Institute