Statute of limitations; promises not to plead.

Promises not to plead the statute of limitations. Specifies that a written promise not to plead the statute of limitations is valid only when such written promise is made to avoid or defer litigation pending settlement of any cause of action that has accrued in favor of the promisee against the promisor. The bill further replaces the current requirement of validity that such promise not be made contemporaneously with any other contract with the requirement that the written promise be signed by the promisor or his agent. Finally, the bill specifies that the promisee must commence an action asserting such cause of action within the earlier of the applicable limitations period running from the date the written promise is made or any shorter time provided for in the written promise for such promise to be valid; current law requires that any such written promise may be made for an additional term not longer than the applicable limitations period in order to be valid. The bill provides that its provisions apply only to written promises not to plead the statute of limitations made on or after July 1, 2022. The bill as introduced was a recommendation of the Boyd-Graves Conference.