Legal Question in Business Law in California

Personal Loan

I made a personal loan to a friend of three thousand dollars to help save their business. In the loan agreement it stated that the three thousand dollars(plus interest) was to be paid in six months. The due date has passed by eleven months, and I have not recieved one cent towards repayment. How much time do I have before I loss my right to sue for the money?


Asked on 9/06/07, 2:39 pm

3 Answers from Attorneys
Terry A. Nelson Nelson & Lawless

Re: Personal Loan

If in writing, then 4 years from due date.

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Answered on 9/06/07, 2:46 pm
Carl Starrett Law Offices of Carl H. Starrett II

Re: Personal Loan

If the loan was a written agreement, you must sue within 4 years of the date that your friend breached the agreement. Your friend breached the agreement when the loan became due.

If the loan was a verbal agreement, they you have two years from the due date to file a lawsuit.

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Answered on 9/06/07, 2:54 pm
Johm Smith tom's

Re: Personal Loan

Unsecured loans are usually very difficult to collect on; good luck.

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Answered on 9/06/07, 3:04 pm


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