Legal Question in Credit and Debt Law in New York
promissorynotes
is there a ''statute of limitations'' on a promissory note made between individuals, not institutions--ie,is it still enforceable years after the terms expired. One party had made no payments,the repayment period has expired, and no requests for repayment had been made until 2 yrs after the repayment term had expired.
1 Answer from Attorneys
Re: promissorynotes
The statute of limitations is six years, measured from (a) the date of the note if payable on demand or (b) from the last payment made if payable in installments.
This post is not legal advice and does not create an attorney-client relationship. It is a comment on the legal question posed by the poster and should not be relied upon unless and until an attorney-client relationship is entered into. Doing so would require signing an engagement letter and depositing a retainer to secure payment of legal fees.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
