Legal Question in Investment Law in California

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?

Asked on 7/25/13, 3:40 pm

2 Answers from Attorneys

Bryan Whipple Bryan R. R. Whipple, Attorney at Law
0 users found helpful
0 attorneys agreed

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.

Read more
7/25/13, 4:44 pm
Bryan Whipple Bryan R. R. Whipple, Attorney at Law
0 users found helpful
0 attorneys agreed

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.

Read more
7/25/13, 4:56 pm

Related Questions & Answers

More Investment Law questions and answers in California

Looking for something else?

Get Free Legal Advice

88333 active attorneys ready to answer your legal questions today.

Investment Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Timothy McCormickLibris Solutions - Dispute Resolution ServicesSan Francisco, CA
Michael E. HendricksonAttorney & Counsellor at LawAlexandria,
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now