Legal Question in Wills and Trusts in New York
Can my husband redeem a note on demand for 10,000 dollars signed by my father in 1976 now that my mom has died. he died in 1982 and set up a trust in his name for my mom. it is still intact to be divided between my two sisters and me. Can he get this money from the trust account before it is divided and still in my father'sname?
2 Answers from Attorneys
Q. Can my husband redeem a note on demand for 10,000 dollars signed by my father in 1976
A. The statute of limitations for a demand note is 6 years from the date of the note. Therefore, an action should have been commenced for repayment in 1982. The only exception is partial payment, which re-starts the time limitations period.
Mike.
I concur with Mike. Unless there are extreme unusual circumstanes, it is too late to sue.
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.
