1. The owner of an indebtedness of a county must demand payment of the indebtedness from the county not later than 1 year after the date of the original allowance.
2. If the payment of an indebtedness of the county is not demanded within 1 year after the original allowance, except as otherwise provided in subsection 3, the payment thereof shall be forever barred.
3. If the payment of an indebtedness of the county is demanded more than 1 year after the original allowance, the board of county commissioners may allow the payment. Nothing in this subsection requires the board to allow the payment of an indebtedness that is demanded more than 1 year after the original allowance.
4. Nothing in this section shall be so construed as to affect or repeal any law providing for the redemption or funding of the indebtedness of any county.