1.  Cheques 

It is a criminal offence if an NSF cheque is not paid within five days of the funds being demanded.  It is also a criminal offence to stop payment on an issued cheque or to knowingly receive an NSF cheque.  Post-dated cheques are also illegal, and if issued can be cashed at any time, without regard to the date on them. 

            Cheques are stale dated and the statue of limitations applies after 4 years. 

            2.  Debts 

Trade accounts or regular accounts receivable have a limitation of one year.  If an account is approaching one year of age, it must be put into collection.  Once the debtor is legally notified the debt is in collection the statue of limitations does not apply. 

Debts arising from commercial written contracts with a specified time period have a statue of limitations of four years after the debt is due.

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