Legal Question in Civil Litigation in New York
i sold my house in NY in 1990. I have a $10,000 promissory note which was to be paid within 3 years plus interest. The note has two co signers. One is the wife of the purchaser and the other is the broker who made the sale. I've been living in Georgia for 13 years and was under the impression that I couldn't do anything or get my money from this purchaser. After the first year he called me with all excuses so i waited until i got a letter from his attorney that he had filed bankruptcy. Now he still owns the home and it is worth four times more than what he bought it for. Can I sue for my money on the promissory note? It's been 20 years. I still have the promissory note and his bankruptcy papers which were mailed to me.
2 Answers from Attorneys
No. The statute of limitations under a promissory note is 6 years.
Mike.
File a claim as a creditor with the Bankruptcy court ASAP.
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