Hanada

Professional Collection Consultants (Professional) appeals from a judgment entered in favor of Bobby K. Hanada and Linda B. Hanada (Hanadas) after the court determined its suit was time-barred.

I

In April 1990, Farmers & Merchants Bank (FMB) loaned the Hanadas $75,000 secured by a six-month note maturing October 16, 1990. That same month, the Federal Deposit Insurance Corporation (FDIC) was appointed receiver for FMB. Thereafter, the Hanadas failed to repay the loan; and in December 1992, the FDIC transferred it to First Southwestern Financial Services who later assigned it to Professional.

In March 1993, Professional and the Hanadas negotiated a payment schedule, but the Hanadas failed to comply, and in December 1994, Professional wrote to the Hanadas reminding them of their agreement and advising them that if they were “unable to remit the [money they owed, it would]. . . proceed to begin litigation to recover the principal balance of $75,000.00 plus $19,176.70 in accrued interest at the post maturity rate of 21%.” No money was forthcoming, and on January 13, 1995, Professional filed the underlying action. The trial court granted the Hanadas’ summary judgment motion,…