Legal Question in Business Law in California
How long do I have to collect on a personal loan when no money has been paid back? We sign a loan agreement specifying a due date and interest.
Asked on 9/04/09, 4:52 pm
2 Answers from Attorneys
Robert F. Cohen
Law Office of Robert F. Cohen
If the agreement is in writing, you would have to file suit within 4 years of the breach. If it's an oral agreement, within 2 years of the breach.
Answered on 9/04/09, 4:57 pm
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
I might add that a breach occurs when a due date comes and goes, including any grace period provided for in the note, and the payment is not made.
Answered on 9/04/09, 10:39 pm
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