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    mach401's Avatar
    mach401 Posts: 2, Reputation: 1
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    #1

    Feb 26, 2009, 03:53 PM
    Statue of Limitations (Ontario,Canada)
    Hello, I read on here that the statue of limitations on a loan is 15 years but that if the loan is towards a house that it is indefinite? My question is what if the loan was for a house bought 21 years ago and then sold 5 years ago?The original lenders have passed on but there is a chance that some of the benificaries of the estate of the lenders might pursue the loan as they may have copies of the agreement.There was little if any equity left in the house as it had been remortgaged a few times.The lenders (parents) never once requested repayment.The property itself was not part of the estate.It's been a year since the last lender passed away and nothing was ever said regarding the loan.Are the benificiaries entitled to sue for this money owed(80,000 plus interest)?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Feb 27, 2009, 07:29 AM

    The Statute almost always refers to unsecured debts (credit cards, things of that nature). A loan on property is a contract and contract law prevails. I've never seen a 15 year statute on an unsecured debt - if that is your question.
    mach401's Avatar
    mach401 Posts: 2, Reputation: 1
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    #3

    Feb 27, 2009, 06:13 PM
    Quote Originally Posted by JudyKayTee View Post
    The Statute almost always refers to unsecured debts (credit cards, things of that nature). A loan on property is a contract and contract law prevails. I've never seen a 15 year statute on an unsecured debt - if that is your question.
    Hi,thank you for your answer. I was wondering that since the property that was the security is also now sold for over 5 years would that also not make the loan unsecured and therfore over the statute? Also I don't know what the Contract Law is regarding this?
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