I would like to sue someone who defaulted on a loan that I was a co-signer for. Many years have passed, as I didn't know I could sue for this.

What would the statue be? And is the limit in Alberta $7500?

What are you suing for, exactly? Did you pay the remainder of the loan? Who has the property that you co-signed for?

I believe the SOL on breach of contract is 4 years.

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Originally Posted by ScottGem

I believe the SOL on breach of contract is 4 years.

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Just curious: does breach of contract actually apply here? The OP was the co-signer, not the lender. By being the co-signer, they agreed to be held liable to pay the debt if the original debtor defaulted... no?

SOL for Alberta is 2 years, unless a judgment has been entered:
Statute Of Limitations On Debts In Canada

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Originally Posted by this8384

Just curious: does breach of contract actually apply here? The OP was the co-signer, not the lender. By being the co-signer, they agreed to be held liable to pay the debt if the original debtor defaulted...no?

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When one is a co-signer, there is an implied contract between the primary borrower and the co-signer that primary borrower is responsible for making sure the debt is paid. The co-signer is responsible for making sure the debt is paid to the lender. If the co-signer does pay, they can sue the primary borrower under the implied contract to recover their losses. Now whether that implied contract falls under debt or some other form of contract, I'm not sure.

Ahh, I see. I was just wondering about the "breach of contract" part. I guess that's why I was asking who paid what and who has the property now.

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Originally Posted by this8384

Ahh, I see. I was just wondering about the "breach of contract" part. I guess that's why I was asking who paid what and who has the property now.

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Those are VERY good questions and would clearly have a bearing on the co-signer's losses.