Absolutely, a deposition is testimony under oath. Appear at the appointed time with any documents that you have been asked to bring, DO NOT bring any other documents or materials. ALWAYS tell the truth.
Listen very carefully to the questions, and THINK carefully before answering. If you do not understand the question, ask for it to be reread and/or explained. Do not speculate, make small talk and NEVER joke or behave disrespectfully.
If you do not know the answer to a question just say so, do not try to "invent" a response. Always keep in mind you are under oath and subject to charges of perjury if you deliberately give misleading or false testimony If the suit was filed before the SOL ran I am assuming that there was a complaint and summons filed within the statute of limitations from which the notice of deposition arises. If a suit was filed before the statute ran, then yes, you would be required to attend and answer questions under oath to the best of your recollection.
If there was no suit filed within the statute of limitations, and a deposition was noticed in a late filed action, you could decide to decline to appear, unless the deposition notice was accompanied by a subpoena. In that case, you shoudl consult a local lawyer and attempt to have the notice of deposition quashed, and the suit thrown out. Otherwise, you are required to attend if you are a party to the suit.
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