Legal Question in Credit and Debt Law in Texas
Relatives won't pay back borrowed money
My father loaned his sister and her husband 35,000. A letter was handwritten saying they would pay it back and signed. If they were to die before it was paid off, the letter stated money would come from their estate and their children were to pay that back out of the estate. No date was set on when it had to be paid back
My dad died 1-1/2 years ago and we found the letter searching thru his papers. It was not notorized. We approached them and they said they do not have the money to pay it. They do however have a massive antique collection of misc. items. My sister was told by a legal source that the statue of limitation was past now in texas. I think it has been over 5 years since they borrowed it.
Do we have a case to go after it, or is it too late?
1 Answer from Attorneys
Re: Relatives won't pay back borrowed money
The statute of limitations starts to run from the date of default. Since no payment date was stated, the default starts when a demand for payment by a date certain is made, and no payment is made by that date.
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