A claim for directorship that has been finally determined by a competent court in earlier proceedings between the same parties, concerning the same subject matter and based on the same cause of action, is res judicata and cannot be re-litigated. Under section 14(1) of the Prescription Act, prescription extinguishes the debt/right itself after the lapse of the prescribed period (three years for claims based on directorship rights), not merely the remedy. Once a right is extinguished by prescription, it cannot be revived by subsequent erroneous administrative acts. A matter that is subject to a pending appeal is lis pendens, not res judicata, and the pending appeal interrupts prescription under section 7 of the Prescription Act.