Legal Question in Credit and Debt Law in Florida

Are there any time limitations on collecting on a promissory note
My father signed a Promissory Note in 1991 giving a Woman who owned a business $30,000.00. It stated that when the business was sold he would receive the money back. The business was sold but he never received his money. He sincerely thought at the time it was only a loan and that he would get his money back and he also thought she cared abou him when she only wanted the money, he was 75 at the time. We would like to have the money paid back into his estate. Are there any time limitations on collecting on such a note and is it possible to collect on a Promissory note in the state of Florida. Thanks in advance for any help you can give me with this.

Asked on 3/16/03, 11:54 am

David Slater David P. Slater, Esq.

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Re: Are there any time limitations on collecting on a promissory note

5 years from due date.

Answered on 3/16/03, 1:04 pm

Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

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Re: Are there any time limitations on collecting on a promissory note

Five years from the due date of the note.

Answered on 3/31/03, 10:52 pm

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