A friend owes me money. They've been going thru a number of personal issue's I am very well aware of, so have not attacked them for payment, but seems they have gotten a little too comfortable with the idea. I am trying not to take to court for a fairly large balance owed as they are a good friend of mine, and we have discussed beginning a payment plan now that their situation has improved somewhat, but I have recently learned of "statue of limitation". I am wondering, can a statute of limitation be extended past the default limit of 6 years if a promissory note to an agreed payment plan is signed, or would not that not matter?
1 Answer from Attorneys
I would definitely obtain new promissory notes in consideration for your not filing suit immediately to enforce your rights. Agree to some payment plan initially, not matter how insignificant.