Legal Question in Civil Litigation in Minnesota
Statuet of limitations
06-09-04
I am trying to find out what the statuet of limitations are for collecting on a personal loan.
I hope you can help. I cannot get anyone to tell me.
Thankyou,
Sincerely;
D.--name removed--
2 Answers from Attorneys
Re: Statuet of limitations
Normally 6 years. Then the question is 6 years from WHEN? The date of the note or the date payment is due.
Make sure to have an attorney review the document and surrounding circumstances before taking any action.
Re: Statuet of limitations
In general the statute of limitations in Minnesota is six years.
There are books and volumes of material on the subject of exceptions and various ifs, buts and maybes on the subject of limitations, however. You need to consult a lawyer to know where you stand for sure.
It could make a difference if the loan is represented by a written document. The interest rate could make a difference, as could the amount.
The reason nobody wants to answer your question is that it is full of potential problems. See a lawyer.
Good luck.
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