Re: Is my promissay note still valid?
Your question really boils down to two different questions. The first situation is if there IS a Promissory Note. The second is if there isn't.
If you don't have a copy of the Promissory Note, and if he won't give you a copy (assuming he won't) then it may no longer exist.
If you were taken to court and you ADMITTED that you signed a Promissory Note, the judge would take that into account. But since no one has a copy and no one knows what it says, the judge would probably not have anything to work with from the Promissory Note. He would take your admission that you did sign a Promissory Note, but he would not know what it said.
He might take that as an admission that you owed the money, but the existence of a Promissory Note would not help very much if no one knows what it says. That is, your obligation would rest on a different legal theory.
On the other hand, if there was no Promissory Note, you could STILL be liable to repay the loan IF it were proven that you received the money and that the money was intended as a loan.
Virginia law does provide for a statute of limitations. A lawsuit can be filed, but it will be defeated more than 3 years after a VERBAL contract and more than 5 years aver a WRITTEN contract is BREACHED (not signed but broken).
The law does allow a debt to be put to rest after the statue of limitations.
Note that the statute of limitations starts to run from the date your repayment was DUE and you violated that obligation by not paying. The statute of limitations does not run from when the money was given to you, but from the time you were responsible to pay it back.
Note that one of the problems with not having a copy of the Promissory Note is that no one knows WHEN the money was due to be repaid. Maybe the money is not due until 2008. We don't know.
It does NOT matter where your boyfriend moves. Debts can be ollected worldwide.
It COULD matter if you have any counter-claims or set-offs against the amount loaned. I say that because such situations are usually very complex.
