Legal Question in Credit and Debt Law in California

I was in a partnership with 3 other people(4 of us total) in a commercial real estate investment. We sold the investment, and had to pay $15000 out of pocket. Due to financial reasons, one of the partners was unable to pay his share of the expense. So the $15k was divided by 3 of us, instead of by 4.

Since then, we have received sporadic repayment.

The partner still owes us $11k.

What is the statute of limitation for this kind of claim. What can we do to reclaim what is owed to us?


Asked on 6/09/10, 1:12 pm

1 Answer from Attorneys

If you had a written agreement for repayment, the limitation is four years. If it was verbal, the limit is two. Depending on the terms among you, you each may be able to take him to small claims for your 1/3 of the $11K.

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Answered on 6/23/10, 10:02 am


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