When any payment has been or shall be made upon any existing contract prior to its applicable limitation period having expired, whether the contract is a bill of exchange, promissory note, bond, or other evidence of indebtedness, if the payment is made after it is due, the limitation period shall restart from the time the most recent payment was made. Any payment on the contract made after the limitation period has expired shall not restart, revive, or extend the limitation period.
[ 2019 c 377 § 1; Code 1881 § 45; 1877 p 10 § 46; 1854 p 365 § 19; RRS § 177.]