Legal Question in Business Law in Nevada

Personal Loan

I had lent $30,000 personal loan to some one in 2002. I have sent her three letters requested the repayment starting in June, 2006. She has not responded to any one of them. She lives in California. She would have no problem paying the loan back. I helped them when they needed the money and did not demand for payment until recently. I am not sure which state I would need to file the lawsuit? If it's California, the statue of limitation is 4 years for written agreements from the date of breach. And oral agreements, is 2 years.

Nevada�s statue is; written contract, 6 years, verbal contract is 4 years. I don't have any written contract, what I have, are the copies of 2 cancelled checks payable to her the first one, dated 11/2/02 for the amount of $20,000 and last check again payable to her dated 1/3/03 for $10,000. Both checks had the memo section written as ''personal loan''. What are my chances, could I demand 10% interest and the cost of legal fees?


Asked on 10/17/06, 4:52 pm

1 Answer from Attorneys
Kenneth Caldwell

Re: Personal Loan

Were the checks given to the debtor in California or Nevada? If you can make an argument that the loan was made in Nevada you should be able to claim Nevada statutory interest. If the loan was made in California you will probably need to get a response from a California attorney.

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Answered on 10/18/06, 6:44 pm


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