Legal Question in Credit and Debt Law in Virginia

when does va code 8.3a-118 begin on a a debt. Had a private loan one of the stipulations was if I did not continue schooling then the loan had to be paid back immediately. if payment was not made at that time would that be considered the breach date, even if the person demanded payment later on.

Asked on 9/12/17, 7:18 am

1 Answer from Attorneys

Michael Hendrickson Law Office Michael E. Hendrickson

Yes, per Va Code Sec. 8.3A-118, "an action to enforce the obligation of a party to pay a note payable at

a definite time must be commenced within six years after the due date or dates stated in the note or, if a due date is

accelerlerated, within six years after the accelerated due date"

Therefore, in the example you've described, the due date for the entire loan to be paid back immediately would've

been the date you "diid not continue schooling" as was apparently stipulated in this note which would also be

considered the breach date if such did not actually occur by that particular date.

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Answered on 9/13/17, 8:57 pm

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