Legal Question in Banking Law in New York

loan question

I borrowed $16000 from a friend at 8% interest (in April 1996.) Was my friend supposed to file papers with the State of NY about this loan? If so, what can happen if she did not file the papers? Thanks for your help.


Asked on 1/14/02, 1:21 am

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: loan question

You do not have to file the promissory note. However, if the promissory note is a "Demand" note, in other words, payment is not made upon a date but rather on demand, the statute of limitations is six (6) years from the date that the promissory note was issued. Since the promissory note was dated April 1996, the statute of limitations period to enforce the terms of the note (if a demand note) expires April 2002.

Mike.

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Answered on 1/14/02, 1:09 pm


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