Legal Question in Credit and Debt Law in California
How to sue for an unpaid IOU debt?
In April of 2001, I lent a friend $7000 cash. Friend said verbally he would pay me back in less than a month. I had my friend (and me) sign an IOU that said 'the $7000 b paid back in full to me no later than June of 2001.' To date 10.5.05 I have not received any money. The 7k is still owed to me in full. Original transaction took place in California. The friend now lives in Texas and refuses to pay me back. ? is, can I sue my friend; and, if so, how can I start the process? (I still live in California, btw). Thank you!
2 Answers from Attorneys
Re: How to sue for an unpaid IOU debt?
The statute of limitations for the breach of a written contract is 4 years. See Code of Civil Procedure � 337(1). I would RUN to an attorney to review your situation in more detail to determine if there are any facts that would have delayed the running of the statute of limitations. For example, did the friend make any promises after June 2001 to pay the debt? Did he make any payments at all in the last 4 years?
Re: How to sue for an unpaid IOU debt?
I would second the advice posted below and IMMEDIATELY RUN to an attorney in your area. When you do immediately talk to an attorney - advise him/her that your "friend" now lives in Texas. If your "friend" moved before the 4 year limitations period ran (assuming no renewed promise to pay), the statute may be tolled by CCP 351. Good luck!
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