Legal Question in Business Law in California
Hi My Name Is Fred M. Albright Approx. four years ago my wife and I lent some money to a building that was being built. About half way through building the company sent out notes saying that they were unable to repay funds and that payments were to be stopped right away. My question is how many years are there to follow up on a 75,000.00 loan that hasn't been payed on for three or better years. Thank You Fred M Albright
4 Answers from Attorneys
Four years is the deadline or statute of limitations to file a suit on a written breach of contract. Better get moving.
Sounds like you 1) lent money without demanding adequate security for the loan or having the loan papers reviewed by your own attorney; and 2) waited more than three years to sue. Is this really the first time you've sought legal help from attorney? My best guess is you are stuck out of luck for the $75,000, but consult an attorney in your locality without delay.
Fred,
Four years, but arguably from the time of breach, not the time of contracting. Do you have a deep pocket to go after? I can write you a good demand letter. There may be certain angles to use that may increase your chances. If you would like my help, send me an email.
Best,
Daniel Bakondi, Esq.
415-450-0424
The Law Office of Daniel Bakondi, APLC
870 Market Street, Suite 1161
San Francisco CA 94102
http://www.danielbakondi.com
IMPORTANT NOTICE: This communication may contain confidential information, privileged information, or attorney work product. If you are not the intended recipient or received this message in error, any use or distribution of this message is strictly prohibited and unlawful. Please notify the sender immediately, and delete this message. No attorney-client nor confidential relationship is created through this communication. Nothing communicated or provided constitutes legal advice nor a legal opinion unless it so specifies and written agreement for attorney services has been entered into. Attorney licensed in California only. Your issue may be time sensitive and may result in loss of rights if you do not act in time. Thank you.
If it was a loan evidenced by a written promissory note, the statute of limitations is four years. If it was an oral loan, the statute of limitations is two years. Both statutes run from the date of breach, meaning the date that the payments stopped. I suggest consulting with an attorney.
Related Questions & Answers
-
I own a liquor store that I listed for sale and stated it must be in escrow by the... Asked 8/22/11, 10:05 pm in United States California Business Law
-
If a person proves that he has a De Facto partnerhsip and has a legal right to a... Asked 8/22/11, 10:05 pm in United States California Business Law
-
I have an employee who was injured at home. The injury was not work related in... Asked 8/22/11, 4:58 pm in United States California Business Law
-
How much does it cost to retain a lawyer for small business start up? Asked 8/21/11, 4:33 pm in United States California Business Law