Legal Question in Wills and Trusts in New York

Promissory Notes, Can one be signed over 6 years after gift?
In May 1995 my father offered me 20,000 loan he could take out from his life insurance policy. I took it. Over the years he has stated numerous times ''not to worry about paying it back you will just get less when I die.'' (I have one brother) No note was ever signed and no demand for repayment was made until June 13, 2001 coincidently a week after he secretly married some woman we dont even really know. I also have basis to believe this money a gift since it was given at the same time that I became the primary caregiver of his 90+ year old mother who I took care of as a live in daily for 39 months. Other than that money I received no other compensation whatsoever for taking care of her. I did not work during that time nor could I.

Advice needed on his demand for me to sign a note now over 6 years later at very unacceptable terms.

Asked on 6/28/01, 4:48 pm

Garry Hanlon

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Re: Promissory Notes, Can one be signed over 6 years after gift?

Sign nothing

He has both Statute of Frauds (writing required

for repayment) and Statute of Limitations (contract

action - 6 years) problems and a court may

tell him to rub rock salt on his demand for

repayment

Answered on 7/03/01, 9:57 pm

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