What is the statute of limitation on a promissory note in the United Kingdom

Normally 6 years, but could be as much as 12.

If the holder of the promissory note in the United Kingdom dies who else can claim from the note and for how long after the death are they still able to claim?

Normally it would die with the holder, but it depends on the conditions of the note as this is Contract Law.

But what time have they got to claim from the promissory note if they have a right

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Originally Posted by Curlyben

Normally it would die with the holder, but it depends on the conditions of the note as this is Contract Law.

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Is it different in the UK? In the US, The estate would have the right to collect any debts owed the decedent.

I found this: http://www.direct.gov.uk/en/Governme...ey/DG_10029453

Which indicates the debt could collectible by the estate. In that case, the time limit would be until the estate is closed.

Yes, same as Scott, but it depends on the actual note itself.

Quote:

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Originally Posted by Curlyben

Yes, same as Scott, but it depends on the actual note itself.

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Agreed, the terms of the note could make a difference. But unless the note has language that specifies what happens in case the creditor dies, I would think it is collectible by the estate.

To smithy, I've merged your threads as they bear on the same issue.