Does a debtor have a moral obligation to pay a debt that is barred by the statute of limitations?

In Booth v. Hoskins, supra, the court stated: "Common honesty requires a debtor to pay his just debts if he is able to do so, and the courts, when called upon, always enforce such payments if they can. The fact that a debt is barred by the statute of limitations in no way releases the debtor from his moral obligation to pay it. Moreover, one of the maxims which courts of equity should always act upon is ... that he who seeks equity must do equity."