I loaned my nephew 11,500 in 2005 for a business. He still has not paid back the loan. He did sign a promissory note that he would repay me. I have spoken to him and has given him more than enough time to repay me. Can I sue him?

I loaned my nephew 11,500 to open a business in 2005. He signed a promissory note to repay me. He still has not repaid the debt. He also still has the paving truck; I do not want the truck. He only states to me, he is going to pay me, but has not at this time. Can I sue him

What state? Statute of limitations vary, but you should make the attempt to reset that clock.

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Originally Posted by ms malone

i loaned my nephew 11,500 in 2005 for a business. he still has not paid back the loan. He did sign a promissory note that he would repay me. I have spoken to him and has given him more than enough time to repay me. Can i sue him?

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Depends on your State and what the Statute is there.

In the state of Illinois, from what I understand there is no statue of limitation on debts.

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Originally Posted by ms malone

In the state of Illinois, from what i understand there is no statue of limitation on debts.

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There is no State that doesn't have a Statute of Limitations on debt. Where did you read that?

In Illinois it's:

Oral Contract: 5 years; Written Contract: 10 years; Promissory Note: 10 years; Open-Ended Accounts: 5 years

Yes, you can sue.

I don't know of a state with a maximum above 5K in small claims.
You can sue, and he may pay, but if he doesn't, you have to keep going back to court, and still may never get paid.
If you get the truck you can sell it...

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Originally Posted by joypulv

I don't know of a state with a maximum above 5K in small claims.
You can sue, and he may pay, but if he doesn't, you have to keep going back to court, and still may never get paid.
If you get the truck you can sell it...

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The limits are, well, surprising:

Alaska - $10,000; California - $10,000 ; Colorado - $7,500; Delaware - $15,000; Georgia - $15,000; Illinois - $10,000; Indiana - $6,000; Maine - $6,000; Maryland - $5,000; Massachusetts - $7,000; Minnesota - $7,500; Montana - $7,000; Nevada - $7,500; New Hampshire - $7,500; New Mexico - $10,000; North Dakota - $10,000; Oklahoma - $6,000; Oregon - $7,500; Pennsylvania - $12,000; South Carolina - $7,500; South Dakota - $12,000; Tennessee - $25,000; Texas - $10,000; Utah - $10,000

Didn't realise they varied that much or went that high in small claims court.

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Originally Posted by smoothy

Didn't realise they varied that much or went that high in small claims court.

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Califdad posted that California was $10,000 - and that's some time ago - and I was interested so I researched and saved the limits.

I'm surprised by how much they vary. In NY you would pay for an index number, pretty much need an Attorney, and in other States the limits are higher, none of that needed.

SC jurisdiction maximum is $30K in Florida.

I hadn't checked in years!

First its not a good idea to piggyback your question on another thread. This can lead to confusion. So I've moved your question to its own thread. {Threads merged}

What does the note say about repayment? The SOL doesn't start until the note is in default.