Legal Question in Credit and Debt Law in New York

promissory note

My wife and I took a promissory note with her Mother. One in 1985 for $5,000.00 and one in 1988 for $10,000.00. We did make two payments in 1985 on the first note. My Mother-in-law knew our money was tight and we were remodeling a house, she said she was glad she could help us out and never persued us for payment. My Mother-in-law has since forgiven the notes and said we didn't need to pay them back. My wife's Mom pasted away in 2005. My wife's sister (the executor of the estate) says she found the notes in my Mother-in-laws paperwork. She wants my wife to sign a paper that she won't receive any inheritance from the estate and in return the Estate would sue us for the balance of the notes. The note does say payable upon her death. Does this still fall under NY states 6 year Statute of Limitation for collection?

1 Answer from Attorneys

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in New York

Looking for something else?