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Grace33 · Nov 9, 2010, 03:31 PM

Hello,

Someone in my life borrowed 10grand from me and signed a promissary note around 10-12 years ago. I have not been able to locate this person. Recently I found out where they reside. This person does live in Louisiana- we have both remained in Louisiana. Does anyone know if there is a statue of limitation (SoL) on this note? Also, I know that it will have to be handled in the regular courts because the amount is to large for small claim court. I did not mention interest in the note or a term of repayment. I was told by the borrower that they would repay me as soon as they could and/or when they finished school. This person graduated in 2003 at the university level. If anyone has any advice please let me know. I found the ORIGINAL note! Thank you! G

ScottGem · Nov 9, 2010, 05:04 PM

The SOL on Promissory Notes for LA is 5 years. Sorry but you are out of luck. You should have filed suit within the SOL even if you didn't know where to find him.

Grace33 · Nov 10, 2010, 04:26 PM

ScottGem,

Thanks for the answer. I had no idea- of course. I have not been able to find any statue of limitations concerning promissary notes via Louisiana and someone else thought that was because we are under Naploeanic Law. I wish I would have contacted an attorney prior to issuing the loan and note. Anyhow, I appreciate your participation. I was young, used, and obviously a bit stupid. Live and learn! Have a great night! Thanks G.

ScottGem · Nov 10, 2010, 06:21 PM

Just a point. The Statute of Limitations expiring means you can't sue him for the money. It doesn't mean you can't try to collect by other means.