Legal Question in Credit and Debt Law in North Carolina
Is there a time limit on a due on demand promissory note in North Carolina
Asked on 11/11/23, 1:42 pm
1 Answer from Attorneys
Lynn Coleman
Attorney-Mediator
The statute of limitation under N.C.G.S. §25-3-118(b) is 6 years from the day the note is executed - unless the note was signed under seal. If it was signed under seal, N.C.G.S. § 25-3-118(h) plus N.C.G.S. §1-47(2) makes it 10 years from the date the note is executed.
Answered on 11/12/23, 6:32 am
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