Legal Question in Wills and Trusts in Georgia
promissory note
My mother recently passed away, and I'm executor. I found a promissory note for $4800 for money my sister borrowed in 1994 from mom. Am I entitled to an additional $2400 since she's had the use of $2400 all these years? There is no evidence of any
repayment. We are the only heirs.
1 Answer from Attorneys
Re: promissory note
This question has two aspects--
Legally, it depends on whether the note is enforceable or not. Given that its date is 1994, it may not be enforceable, unless it calls for repayment in 2001 or later (the statute of limitations is 6 years from the repayment date, if there is no date specified, or it is payable on demand, it is 6 years from the date of the note.) Your sister may also claim that the note was forgiven--she may even be able to prove it.
If the note is enforceable, you can demand repayment, or effect repayment by cancelling the note and distributing $2400 to yourself. Don't do this without telling her, however.
If the note is not enforceable, your sister may feel some moral obligation to "repay" the note, as outlined above, but it is entirely her decision--you have no legal right to demand repayment.
That being said, you must decide whether you should endanger your relationship with your sister for $2400.
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