Legal Question in Credit and Debt Law in California

promissory note

If the company signed a promissory note, it's been 4 years from the due day but the creditor never sued, does it means the creditor cannot collect it anymore since it passed the statute of limitation?


Asked on 5/06/08, 2:50 am

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: promissory note

The creditor can file a lawsuit, but if the debtor raises the correct statute of limitations as an affirmative defense in the answer, and can prove that the limitation period expired prior to the filing date of the lawsuit, the debtor wins.

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Answered on 5/06/08, 2:58 am


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