Harrison Machine Works v. Reigor

Citations

• 64 Tex. 89

Syllabus

<p>1. Statute of limitations.— The statute of limitations runs from the time a cause of action accrues, and no matter what causes a note to become due, the maker can avail himself of any failure to sue within the period of limitation. The statute of limitations is intended to compel the settlement of claims within a reasonable time after their origin and while the facts are fresh in the minds of the witnesses.</p> <p>3. Same, — To allow a holder to treat a claim as due at a later date than the maker has agreed that it should mature would destroy the purpose of the statute, since the evidence for the enforcement of the claim might be preserved, while that for its resistance might be destroyed.</p> <p>8. Same.— When by the terms of a contract option is given to a creditor to bring suit for the entire debt upon the non-payment of an instalment, and he fails to bring such suit, the debtor may possibly be justified in supposing that the creditor has elected not to take advantage of the forfeiture, if forfeiture it is, and may be chargeable with knowledge that limitation will not be computed, as against the entire debt, from the date of the failure to make a part payment. But when the contract gives no such option to the creditor, he cannot postpone the maturity of the debt and waive the forfeiture, but the statute runs from the date of the first failure to pay an instalment.</p>