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    smithy123's Avatar
    smithy123 Posts: 3, Reputation: 1
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    #1

    Feb 24, 2012, 02:01 AM
    What is the statute of limitations for a promissory note in the UK?
    What is the statute of limitation on a promissory note in the United Kingdom
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #2

    Feb 24, 2012, 02:07 AM
    Normally 6 years, but could be as much as 12.
    smithy123's Avatar
    smithy123 Posts: 3, Reputation: 1
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    #3

    Feb 24, 2012, 03:07 AM
    If the holder of a promissory note dies can anybody else claim the money
    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?
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #4

    Feb 24, 2012, 03:13 AM
    Normally it would die with the holder, but it depends on the conditions of the note as this is Contract Law.
    smithy123's Avatar
    smithy123 Posts: 3, Reputation: 1
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    #5

    Feb 24, 2012, 03:39 AM
    But what time have they got to claim from the promissory note if they have a right
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #6

    Feb 24, 2012, 04:11 AM
    Quote Originally Posted by Curlyben View Post
    Normally it would die with the holder, but it depends on the conditions of the note as this is Contract Law.
    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.
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #7

    Feb 24, 2012, 04:12 AM
    Yes, same as Scott, but it depends on the actual note itself.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #8

    Feb 24, 2012, 04:17 AM
    Quote Originally Posted by Curlyben View Post
    Yes, same as Scott, but it depends on the actual note itself.
    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.
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