1.1.L.66 Loans - statute of limitations period
This definition applies to all payments.
The statute of limitations period is the period of time after which legal action cannot be undertaken in respect of a particular matter. In relation to loans it is the period of time after which legal action cannot be undertaken to recover an un-repaid loan. This period is defined by the relevant state government legislation and may vary from state to state.
If the statute of limitations period has ended, a loan no longer exists for social security purposes.