Legal Question in Credit and Debt Law in California
Cure Period for Promissory Default?
I loaned $15,000 and $5,000 was repaid. Payments stopped in October. My note does not specify a cure period but does state ''as may be required by law.'' Is there a specific timeframe mandated by CA law. I couldn't find anything online.
2 Answers from Attorneys
Re: Cure Period for Promissory Default?
You have 4 years from the date of the breach in which to file a lawsuit if the debt is based upon a written contract. If the debt is based on an oral contract, you have 2 years.
Re: Cure Period for Promissory Default?
If your note does not specify a cure period, but simply states that monies are due by a specific date, then if the borrower has not paid you have a claim against him or her right now, and can go to court if you want to to enforce your note. I specialize in collecting on notes of this type; feel free to contact me if you would like to discuss this further.
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