Legal Question in Civil Litigation in Canada
money borrowed
16 years ago my wife and i were given money for a down payment to buy a house from her grand-parents. is there a time frame that would clear us of paying the money back?
Asked on 1/21/07, 8:36 am
1 Answer from Attorneys
Jerome Gamache
Ainsworth Thelin & Raftice, P.A.
Re: money borrowed
There is no magic deadline. The usual statute of limitations to bring a civil action is 6 years in Maine, but that is measured from the time the breach of the agreement occurred, so if the agreement was for repayment only when the property sold, etc, then there may not be a breach yet.
On the other hand, unless there is a written loan agreement, as a matter of proof, it will be very difficult for the lender in this situation to overcome the perception that it was a gift and not intended to be repaid.
Answered on 1/22/07, 8:23 am
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