12-543. Oral debt; stated or open account;
relief on ground of fraud or mistake; three year limitation
There shall be commenced and prosecuted within three years after the cause of action
accrues, and not afterward, the following actions:
1. For debt where the indebtedness is not evidenced by a contract in writing.
2. Upon stated or open accounts other than such mutual and current accounts as
concern the trade of merchandise between merchant and merchant, their factors or agents,
but no item of a stated or open account shall be barred so long as any item thereof has
been incurred within three years immediately prior to the bringing of an action thereon.
3. For relief on the ground of fraud or mistake, which cause of action shall not be
deemed to have accrued until the discovery by the aggrieved party of the facts
constituting the fraud or mistake.
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