if I have a note dated 2006 that this person owes me $2200.00 can I still get my money back if I pursue legal action? or is the statue of limitation over?
2 Answers from Attorneys
Can't answer without knowing when the note was due. Statutes of limitations are based upon the date you first could have brought suit.......and in this case, that would be when the note fell due but wasn't paid.
Supplementing my previous answer.......the statute of limitations can be either six years or ten years, depending upon whether the note was due on a specific date (six years) or upon demand (six years after demand, or ten years after the last payment (of interest or principal) if no demand has been made. This is found in Commercial Code section 3118, and the provisions are a bit lengthy to repeat here, so I suggest you look it up on line or at a law library.
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