Section Code: 1001 - 1005
Thai Civil and Commercial Code
SPECIFIC CONTRACTS
TITLE XXI
BILLS
CHAPTER II: BILLS OF EXCHANGE
PART VII
CHAPTER V
PRESCRIPTION
Section 1001. Statute of Limitations
No action against the acceptor of a bill of exchange or the maker of a promissory note can be entered later than three years after the date of maturity.
Section 1002. No Action after One Year against Indorses
No action by the holder against the indorsers and against the drawer of a bill can be entered later than one year after the date of the protest drawn up in proper time or after the date of maturity where there is a stipulation "protest not necessary".
Section 1003. No Action of Recourse by Indorsers after 6 months
No action of recourse by the indorsers against each other and against the drawer of a bill can be entered later than six months after the day when the indorser took up and paid the bill or from the day when he himself was sued.
Section 1004. Acts that delay action will have affect against delaying party
When a prescription is interrupted by any act towards any party to a bill the interruption shall have effect against such party only.
Section 1005. Obligations after Prescription
Unless otherwise agreed, if a bill has been made, transferred or indorsed in respect of an obligation and the rights under such bill have been lost by prescription or by the omission of any necessary proceedings, the original obligation remains in force under the general principles of law, in so far as the debtor has not been prejudiced thereby.