Legal Question in Credit and Debt Law in Arizona
note of promissory
Hi, i loaned a friend $3,000, i downloaded a promissory note form filled it out and had him sign it and his wife sign as a witness, its been almost 7yrs and i haven't received any of it. Now i want to take him to court to collect the money loaned. What are the laws of promissory notes and do you think he will have to pay it back?
1 Answer from Attorneys
Re: note of promissory
That's a difficult question to answer without seeing the terms of the promissory note. Much depends on the terms of the note. Basically, a promissory note is a contract.
A contract for debt in Arizona has a six year statute of limitations. Basically, you have six years after the person defaults on the promissory note to file a lawsuit. If you fail to file in that time, you are legally barred from filing a lawsuit. So, your question depends on when your friend defaulted on the note.
I offer a free consultation. If you would like to schedule an appointment, I can review the promissory note and give you a better impression on whether the statute of limitation has expired.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
