Legal Question in Credit and Debt Law in New York

Personal loan

I loaned a friend $9,800 in Dec 97 we didnt have anything in writing except the check. We had a verbal agreement that he would pay me back a little at a time, he has only paid back about 2,500 and that was 4 years ago. What is the statute of limitations on this type of loan for me to take some legal action.


Asked on 11/05/03, 2:08 pm

3 Answers from Attorneys
Guy Lewit Guy Mitchell Lewit, Esq.

Re: Personal loan

you have six years from the last payment...I would not wait...sue him NOW...

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Answered on 11/05/03, 4:57 pm
Jamel Oeser-Sweat Law Office of Jamel Oeser-Sweat

Re: Personal loan

You have six years. See CPLR 213(2).

You should take legal action as soon as possible!

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Answered on 11/05/03, 7:18 pm
Robert R. Groezinger GroezingerLaw P.C.

Re: Personal loan

You have a six (6) year statute of limitations. If he lives in the City, you can probably sue in in the Beacon City Court (you must sue him in a jurisdiction where he resides, otherwise the Court has no authority over him).

Any questions, please contact me,.

Good Luck.

RRG

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Answered on 11/05/03, 11:34 pm


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