Legal Question in Credit and Debt Law in California
What if any is the statue of limitations on a breach of contract lawsuit involving a promisary note,
Does the statue apply from the date a request to pay is first sent. Ans what is the customary amount of time to give the person to respond to the request for payment
3 Answers from Attorneys
1. Normally 4 years.
2. Yes, the statute of limitations (it's not a "statue") normally runs from the time payment is due, normally this is written or printed on the face of a promissory note. For an authoritative answer bring the note to an attorney.
3. Up to 4 years.
As Mr. Stone alludes to, a promissory note should include payment due terms. Otherwise it is not a valid promissory note. Not to say that it is not valid evidence of an enforceable debt, but it does not conform to the standards of a note.
Mr. McCormick is dead wrong.
A promissory note does not need "payment due terms." If the note simply indicates a debt, without stating the date on which it is due, it is a demand note, i.e. it is due, when the lender makes a demand for payment. Your statute of limitations would start, when the demand is made.
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