I have a note dated 6-13-06 for $2200.00 due within 60 days plus 3% interest, plus pay legal action to collect debt written in the note. can I still collect or is it passed the statue of limitation?
2 Answers from Attorneys
Yep, too late. It was due 8-12-06 and past due on 8-13-06, so suit needed to be brought by 8-13-12 to comply with the six-year statute of limitations. Note, however, that the statute of limitations is "tolled" (paused in its running) by certain events, such as the debtor being somehow unavailable. Otherwise, you're about a year too late.