Legal Question in Credit and Debt Law in New York

Re: demand note

Of course. The limit is based on the kind of debt. What kind of debt (mortgage, credit card, etc) does this action refer to?

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Re: demand note

Usually, the statute of limitations is 6 years from the date the note first became due...on a demand note, that is a note with no payment due date, the note is due ON DEMAND. YOu have to start counting from whatever date the owner of the note made demand. If he did not, count from the date the note was made. There are a multitude of reasons why the 6 year period can be extended, one is partial payment, two is the debtor moved out of state, plus others. Certain notes, (tied into mortgages for instance) may have different limitiations...