Prior to Before taking action against a debtor, the a creditor must provide a reasonable time for payment on a demand loan or term loan. That time begins to run from the date of the demand for payment and not the date of the loan. What constitutes a reasonable demand period depends upon the facts of each case. For a list of factors to be considered see ''Mister Broadloom Corporation (1968) Ltd v Royal Bank of Montreal'' Canada v. W. Got Associates Electric Ltd., [1999] 3 SCR 408, 1999 CanLII 714 (1979SCC), 25 OR (2d) 198 (Ont HCJpara. 18). As a result of Under the revised current Limitation Act , in British Columbia the period for commencement of proceedings when a proceeding for the collection of a debt in B.C. must be commencted is 2 years from the “date of discovery” of the claim. The date of discovery is defined as the day on which the claimant knew or ought reasonably to have known all of the following: *a) That that injury, loss or damage had occurred; *b) That that the injury, loss or damage was caused by or contributed to by an act or omission; *c) That that the act or omission was that of the person against whom the claim is or may be made; *d) Thatthat, having regard to the nature of the injury, loss or damage, a court proceeding would be an appropriate means to seek to remedy the injury, loss or damage