Legal Question in Credit and Debt Law in Michigan
I have a promissory note from Md. From 2006. He has made the first payment two days ago. He paid in cash. Now the note is out of the statute of limitations correct?
1 Answer from Attorneys
You would need a lot more detail. What was the promissory note for exactly? A personal loan? You said it was from Maryland but does that mean the note references Maryland law controls or does that mean the person signed it while physically in Maryland? Why did he only make his first payment 10 years later, is this a relative or friend that you loaned money to? Are there any emails or writings where he acknowledged the debt in the last four years? Where does he live now? You have to determine which law controls and these questions could get to that answer but more detail is needed.