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I don't think statute of limitation applies to collection of debts but rather prosecution of crimes, so I'm not sure why that concept applies.
Statute of limitation DOES apply to collection of debts

"For example, the statute of limitations for credit card debt in a few states may be as long as 10 years, but most states impose a period of three to six years. To determine the statute of limitations on different kinds of debts under each state's law, check with a legal aid lawyer, another attorney, or your State Attorney General's Office."

https://www.consumer.ftc.gov/articles/0117-time-barred-debts