Legal Question in Real Estate Law in California
In 1992, I received a promissory note from an individual after investing $70,000 in some real estate development property. The note says, in effect, that, if the return does not provide 20% per annum, after all sales, that the difference would be made up from other sources.
The individual skipped town several years later. To date, the owning amount today would be approximately $420,000 dollars. Some 25 years later, am I wondering whethe:
1-I have a case &
2-Whether any real estate attorney might be interested in assisting me with this & receiving their customary 1/3rd if successful.
1 Answer from Attorneys
Under the California statutes of limitations, you only had four years from when he should have paid you to file suit. So, no, you don't have a case that you could successfully pursue. Even if you found and served him, he could have it dismissed for failure to file within the limitations period.
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