Civil actions generally can be commenced only within certain time limitations. The time generally runs from the date a cause of action accrues or from the date injury or damages are discovered or should have been discovered.  In an action brought to recover a balance due upon a mutual, open and current account when there have been reciprocal demands between the parties, the cause of action is deemed to have accrued from the time of the last item proved in the account on either side.  (15-3-610.)

When a cause of action accrues is a critical issue and may be different on a case by case basis.  A creditor should always consult actual legal counsel to determine its right to action under the applicable statutes.  Some of the time limitations relevant to credit and collection matters are as follows:
 

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