What does «crédito prescrito» mean in Spanish?
- It is that credit that, having matured, can no longer be claimed judicially, since the term granted by law for its claim has elapsed. In other words, the creditor can no longer claim from the debtor. The statute of limitations ceases the enforceability of the debt. The debt becomes a natural obligation, i.e., the debt exists but cannot be enforced by legal means. Prescription occurs after a certain period of time indicated by law has elapsed; this type of prescription is called liberatory.