Legal Question in Civil Litigation in California
Moneys lend and not paid back.
We (the wife & I) lend my cousin $5,000.00, about 3yrs ago. There was no written agreement we just transferred the money's directly into his bank account, with the understanding he would pay us back. Long story short...We've not see a dime. Can we still file a claim against him, given the time that has past...and if so what is the process for doing this, please? Thanks...
1 Answer from Attorneys
Re: Moneys lend and not paid back.
The statute of limitations for such a loan is two years from when payment was due. If payment were due within the past two years, you can file a small claims lawsuit. Since there was no agreement as to time, the court would read into the agreement a reasonable time for repayment -- perhaps within one year after you made the loan. So, in short, you might RUSH to the small claims court either where the loan was made or where your cousin lives and file the small claims lawsuit.