What is the prescription law for unpaid debt in Louisiana?

Most debts are based either on an open account (the debtor is extended credit for goods or services ordered over a period of time) or under contract. You must file a lawsuit on an open account within three (3) years of the debtor's last purchase or last payment. A credit card account is an Excellent example of what Louisiana courts consider an open account. This is true even if there is a written agreement signed by the cardholder.

Promissory notes are a form of contract and have a five (5) year prescriptive period. A note payable on demand must be enforced within five years of the date the note was signed. An installment note also has five years but the period is calculated from the date each installment becomes due and has not been paid. If all unpaid, future installments are accelerated by the holder, the five year period runs from date of acceleration.