Legal Question in Credit and Debt Law in California
Statute of Limitations on IOU
In Small Claims Court, can I collect on an IOU (for $1,300) that was written in June 1993? If so, can I collect interest? I have a cancelled check to support my claim that $1,300 was loaned on that date.
The IOU is written as follows:
I, "Jane Doe", owe "Tom Thumb" $1,300. June 28, 1993.
Asked on 4/29/99, 6:28 pm
1 Answer from Attorneys
Ken Koury
Kenneth P. Koury, Esq.
Re: Statute of Limitations on IOU
The statute of limitations on a written agreement is 4 years but it is four years from the date of the breach. That means it is four years from the date the $ was due. If your IOU was due on demand then you must first make the demand them the 4 year clock starts ticking.
Answered on 5/03/99, 5:01 pm
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