Is there a statute of limitations on a promisary note ?
Yes, in Massachusetts all claims based on contracts (including promissory notes) must be brought within six (6) years of the accrual of the cause of action. In plain English, you have six years from the time the harm occurred (breach) to bring your lawsuit, otherwise you are barred. For the purposes of a promissory note or debt, the harm occurs at the moment the debtor is obligated to pay and does not.
If you would like to collect on a promissory note or debt of some kind, please feel free to contact my office.
Statute of Limitations on a Promissory Note is 6 years unless executed under seal, it is then 20 years.