Legal Question in Business Law in Illinois

Re: Statute of Limitation on a Promissory Note

A promissory note is a contract and, therefore, the statute of limitations governing written contracts in the governing jurisdiction would apply.

Your question indicates that Illinois law governs the note, and, under Illinois law, the statute of limitations on breaches of written contracts is 10 years. Thus, you have 10 years from the date of the breach to initiate suit.

Promissory notes typically contain "acceleration clauses," which mean that the entire sum is due upon breach. Thus, assuming the facts as stated in your question, you would have a claim (under Illinois law) for the entire amount due under the note.

-- Kenneth J. Ashman; [email protected]; www.lawyers.com/alo