Legal Question in Credit and Debt Law in Illinois

Repayment of Money Lent to a Friend

For the past 2 to 3 years I have been loaning a friend $2000 to $3000 each month. She says that she will pay me back when she sells her condo. She now owes me over $60,000. I wrote a question here & asked if I could put a lien on her condo. I got an answer so now I know that I would have to sue her first & then get a judgement. My question now is - I'm wondering if she is trying to wait a certain number of years so that it will be too late for me to sue her. Is there a deadline or a Statute of Limitations for me to be able to take her to court?

Thank You Kindly


Asked on 2/20/09, 4:33 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Repayment of Money Lent to a Friend

Hey, this question looks familiar. So should the answer then, right?

The statute of limitation for an oral contract is generally five years. The memo section really means very little. Did you have any kind of discussion that these were loans and not gifts? There is probably a good argument that each month's check should would be a new loan. By the way, if you need a new friend.....

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Answered on 2/20/09, 4:43 pm


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