Legal Question in Business Law in Texas

Default on Promissory Note & Personal Guarantee
My stock in a privately held corporation was purchased by the majority stock holder. This purchase was a baloon promissory note that was personally guaranteed by the majority stock holder. The corporation has been appoved for bankruptcy re-organization and the note discounted to 3% of face value paid over 6 years. I would like to pursue the personal guarantee and need to know what the time limit is to file within.

Thanks You

Asked on 6/26/03, 12:18 pm

Sharon Campbell Sharon K. Campbell

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Re: Default on Promissory Note & Personal Guarantee

The statute of limitations for suit on a debt, in Texas, is four years from the date of default.

Answered on 6/26/03, 12:27 pm

Peter Bradie Bradie, Bradie & Bradie

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Re: Default on Promissory Note & Personal Guarantee

Limitations on a written contract is four years from date of breach or default.

Answered on 6/26/03, 12:46 pm

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