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segafour · Feb 19, 2014, 01:32 PM

In 2011 I loaned an ex money. I had him sign a promissory note so I could get my money back. Its now 2014 and still no payment. Is there a statue of limitations on personal loans. I am going to sue him for my money plus interest which was put on the promissory note?

talaniman · Feb 19, 2014, 01:55 PM

Check your local small claims court for applicable statute of limitations regulations, or the court you are suing him in.

AK lawyer · Feb 19, 2014, 02:53 PM

There sure is a SOL, but it depends on the state or country you are in.

ScottGem · Feb 19, 2014, 04:08 PM

What were the terms of the loan? Was there a payment schedule, a due date for repayment?

Any question on law needs to include your general locale as laws vary by area.

segafour · Feb 20, 2014, 09:20 AM

Originally Posted by segafour

In 2011 I loaned an ex money. I had him sign a promissory note so I could get my money back. Its now 2014 and still no payment. Is there a statue of limitations on personal loans. I am going to sue him for my money plus interest which was put on the promissory note?

Nj sol is 6years. And yes terms were set. Dates of payments,interest as well as default statues all comments very helpful

ScottGem · Feb 20, 2014, 10:26 AM

So I'm assuming he has defaulted by not meeting the payment terms. So take him to court.

Remember however, winning in court and collecting are two different things. If you have a promissory note and he can't prove he made the payments due, then you win. But then you are responsible for collecting. You have to find his place of business or bank and get a writ of execution to collect.