Legal Question in Civil Litigation in California
mother(now 84) made unsecured personal loan in excess of $100,000 to son(now 67), both still living. statute of limitations passed. he was informed she needed money; has made 6 monthly payments (began jan. '10). She sent reciepts with adjusted loan total owed for each. he has been advised the payments are insufficient. has he legally re-acknowleged the loan? He is attempting to dictate to her what the repayments can be used for. would this be considered conversion?
2 Answers from Attorneys
Without knowing how long ago the loan was made and what happened between then and 1/10, I can't answer this question.
You would have to provide a lot more detail. I don't accept people's interpretation that a statute of limitations has expired, without asking some important questions to get key facts.
The cause of action would not be "conversion." If the loan was in writing, it would be a breach of a written contract, with a statute of limitations of four (4) years. The statute would begin running from the breach.
If it was an oral loan, it would be governed by a shorter two (2) year statute of limitations.
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