Alkhemer Alialy executed a promissory note and mortgage to be paid in monthly installments over twenty-five years. The note contained an acceleration clause giving the holder the option to accelerate the debt after a default and to require immediate payment of the full amount owed. After Alialy stopped making payments, the note was transferred to Collins Asset Group, LLC (CAG).

Eight years later, CAG accelerated the debt, demanding payment in full. Alialy did not pay. CAG filed suit in an Indiana state court to recover the note. The trial court dismissed the complaint on the grounds that the claim was barred by a six-year statute of limitations. When did the statute of limitations actually start to run? When the debtor stopped making payments or when the lender exercises its option to accelerate the debt? Should an appellate court reverse the trial court’s ruling?