Legal Question in Credit and Debt Law in California
I borrowed $1500.00 from a neighbor, who is now deceased, 17 years ago. I signed a promise to pay contract or receipt. My mother also signed as a co-signer. I never paid the money back. Now his widow has shown up with the piece of paper my mother and I signed demanding payment. Is the contract still valid and can she sue us if I do not pay her? The contract was signed in California.
Asked on 5/18/12, 10:08 am
1 Answer from Attorneys
Robert F. Cohen
Law Office of Robert F. Cohen
It depends what the agreement/note said about when the money was to be repaid. The statute of limitations for a written contract in California is four years from when performance (payment) was to occur but did not happen.
Answered on 5/18/12, 10:15 am
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