Legal Question in Credit and Debt Law in Texas
Old loan
If a person owes you a sum of money and the only terms were ''I'll Pay you later'', is there a statue of limitations of when ''later'' is? It seems that no matter how much time passes they still owe the money. James
Asked on 12/19/06, 8:31 pm
2 Answers from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Old loan
The four-year statute starts to run when demand for payment is made and no payment is forthcoming.
Answered on 12/20/06, 11:46 am
James Grissom
Law Office of James P. Grissom
Re: Old loan
You are right. No matter how much time passes, they still owe the money. But the law only allows 4 years from the last payment to file a lawsuit to collect. Sorry.
Answered on 12/19/06, 10:12 pm
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