Legal Question in Credit and Debt Law in New Jersey

I have the cancelled checks for $ 25,000.00, which I paid to my friend as a loan. \nI do not have the promissory note. I did not mention anything on the \' Memo \" section of the check.\nI have not recd. any principal or interest from him.\n\nit looks like he is not going to return my money.\n What should I do to get my money ?\nChecks were cashed by him in March -2007, how much time do I have to institute the legal action against him ?

Asked on 7/29/09, 12:34 pm

Gary Moore Gary Moore Attorney At Law

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The applicable statute of limitations is that for a contract and for a breach of contract the time

period within which a claim must be filed with the Court is six years.

If it were a gift your friend would have been required to declare it on his or her tax return for that year. A loan need not be so listed..

Call me if you like.

Gary Moore, Esquire

Hackensack, New Jersey

www.garymooreattorneyatlaw.com

Answered on 8/03/09, 3:12 pm

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