I suggest that you pose your question to a Tennessee attorney. Generally, a statute of limitations is based on the state where the court action is brought (which I assume will be where you are in Tennessee).
Determining issues regarding the statute of limitations can be very complex, which is why you should consult an attorney licensed in your state. There can be issues such as:
1) when the statute began to run,
2) which particular statute of limitation applies (based on the legal theory selected by the creditor),
3) whether the limitation period has been extended (tolled),
4) what event (or combination of events) satisfy the statute of limitation, and
5) whether you can take advantage of a "borrowing statute" to apply a shorter limitation period.
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As Ms. Bunce indicated, the contract may require that Delaware law be applied. Look in the choice of law section, but also be aware that this point may be covered elsewhere in the document such as in the default and remedies sections.
These comments do not constitute legal advice. They are general comments on the circumstances presented, and may not be applicable to your situation. For legal advice on which you may rely consult your own lawyer.