Banco do Brasil S.A. v. State of Antigua and Barbuda
Appellate Division of New York, First Department
707 N.Y.S.2d 151 (2000)
Banco do Brasil (plaintiff) loaned money to the State of Antigua and Barbuda (defendant), which defaulted in 1985. In 1989 the Ministry of Finance acknowledged the debt and asked for time to arrange payment, and in a 1997 letter the Ministry's financial secretary confirmed the existing balances, accrued interest, and total amount owed. When the debt remained unpaid, Banco do Brasil sued, and the State moved to dismiss based on the six-year statute of limitations; the trial court denied the motion, finding the 1997 letter revived the limitations period, and the State appealed.
Whether a signed writing confirming the balances and total amount owed on a time-barred debt revives the statute of limitations under New York General Obligations Law Section 17-101.