I lent a friend about 80 thousand dollars several years. We had no written contract. The proof that the loan was made is: copies of cancelled checks I wrote to him, and email exchanges in which we discussed the existence of the loan, its amount, and he even promised to pay interest. Over the years, we have e-mails back and forth in which he apologizes for not being able to pay be back yet and I say no rush. We never set any deadline for repayment. QUESTION: when does the statute of limitations begin to run on his debt. I assume that it has not started at all, since he has not defaulted yet (there is no deadline and he has continuously promised to pay when he can). QUESTION: will I have a problem with the statute of frauds, since there is no written contract, just cancelled checks saying "loan" in the memo section and e-mails confirming the existence of the loan?
1 Answer from Attorneys
His promise to pay does not toll the running of the S of L.