Discussion:
The defendant, Sterile Technologies, Inc., purchased a sterilizer from the plaintiff, Troy Boiler Works, on an installment payment plan. The defendant was to make installment payments charged with 1.5 percent interest per month. The sterilizer was delivered on August 23, 1996. The last payment was received on April 21, 1998. At the time of the last payment, the defendant still owed the plaintiff $112,615 as the balance due on the sterilizer; as of the time of the fi ling of the lawsuit, the defendant owed an additional $134,214 in finance charges. The plaintiff fi led its lawsuit to collect on the account on November 20, 2002. The defendant moved to have the suit dismissed because it was filed after the four-year statute of limitations had run out. (April 21, 1998, to November 20, 2002, is four years, seven months, and one day.) Has the statute of limitations run out?