Legal Question in Banking Law in California
real estate investment company not giving my money
Just two weeks ago a bank in California was shut down by the FDIC. It was the 19th bank to fail. Name was Security Pacific Bank, located in Los Angeles with 4 branches.
The owner/CEO of this bank also had a real estate investment company which many years ago i (and probably about 500 others) gave money to that company because they were giving a higher APR. This man/company with all our money combined bought and bought property, one of which was the Marriott Hotel in Downtown LA for about $150mil.
About a year ago when property value all went down, almost every person have asked for their money but has not given anyone a penny. I have a Promissory Note saying, upon demand, with 30 days notice, I can get all of my money back, and now he hasn't given one penny and is being hounded daily by everyone. He is hiding and is not even leaving his home.
Legally, is there anything that can be done?
1 Answer from Attorneys
Re: real estate investment company not giving my money
If you didn't sue on the note within 4 years, you're SOL, which also stands for Statute of Limitations.
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