Statute of Limitations For Negotiable and Non-negotiable Promissory Notes to be on Par Effective July 1, 2012. 05.29.2010.

Senate Bill 2419 codifies Miss. Code Ann. Section 15-1-81 which makes the statute of limitations the same for negotiable and non-negotiable promissory notes. Effective July 1, 2012, the statue of limitations on such notes will be six years. Since Miss. Code Ann. Section 89-5-19 gives enforceability of a deed of trust the same statute of limitations as the secured obligation, third parties will be able to rely on the six year statue of limitations for deeds of trust securing the performance of notes. 05.29.2010.