Reducing statute of limitations on actions to recover on oral and written contracts

This bill reduces the time limit for suing to recover money on most contracts and debts. It shortens the statute of limitations from five years to two years for both oral and written contracts (except for specific cases like partnership settlements or merchant accounts). The bill also affects claims involving bonds held by fiduciaries (like executors or guardians) and certain legal recognizances. People seeking to sue over unpaid contracts, debts, or fiduciary obligations would now have less time - only two years - to file a lawsuit.