Legal Question in Civil Litigation in Tennessee

Friend owes me money, with interest and I have it in writting
I helped a friend out years ago with financial problems. He had failed to repay me on smaller issues prior to the last loan. As a result, I listed all he owed me and made 2 copies, had him sign the original and the two copies, separately. He kept one, I kept two. I have been told I would be paid after he graduates college, supposedly this May. I am wondering if there is a statute of limitations and if so, what would apply. I have a gut feeling May will be it. This guy is fishy, and I always follow my gut feelings. Please respond ASAP. I will be glad to provide any other information needed to resolve this matter.

Thank you,
Kelly

Asked on 4/07/03, 8:31 pm

Martin Kasdan, Jr. Martin Z. Kasdan, Jr., Attorney at Law

0 users found helpful

0 attorneys agreed

Re: Friend owes me money, with interest and I have it in writting

Assuming your written document constitutes a contract, then the following statute should ease your fears.

KRS 413.090 Action upon judgment, contract or bond -- Fifteen-year limitation.

Except as provided in KRS 396.205, 413.110, 413.220, 413.230 and 413.240, the

following actions shall be commenced within fifteen (15) years after the cause of action

first accrued:

(1) An action upon a judgment or decree of any court of this state or of the United

States, or of any state or territory thereof, the period to be computed from the date

of the last execution thereon.

(2) An action upon a recognizance, bond or written contract.

Answered on 4/08/03, 11:25 am

Keywords

Match Any Match All

Country

State

Area of Law