If the payment IOU exceeds the repayment period, the creditor can require the other party to repay the payment. If the three-year statute of limitations has expired, although you have lost your right to win the lawsuit, you can still demand repayment from the other party. However, if you resort to litigation, you may not be able to recover the payment. According to Article 188 of the Civil Code that will take effect in 2021, the statute of limitations for requesting protection of civil rights from the People’s Court is three years. If the law provides otherwise, such provisions shall prevail. The statute of limitations shall be calculated from the date when the right holder knows or should know that the right has been damaged and the obligor knows. If the law provides otherwise, such provisions shall prevail. However, if it has been more than twenty years since the right was damaged, the people's court will not grant protection. If there are special circumstances, the people's court may decide to extend the time based on the application of the right holder. Article 188 of the Civil Code The statute of limitations for petitioning the People's Court for protection of civil rights is three years. If the law provides otherwise, such provisions shall prevail. The statute of limitations shall be calculated from the date when the right holder knows or should know that the right has been damaged and the obligor knows. If the law provides otherwise, such provisions shall prevail. However, if it has been more than twenty years since the right was damaged, the people's court will not grant protection. If there are special circumstances, the people's court may decide to extend the time based on the application of the right holder.