Legal Question in Credit and Debt Law in Virginia

Payment of note

A friend is being sued by his mother's estate for an unsecured promissory note made to him in 1972, which was to be paid off in a year. A little background: the loan was made to him by his uncle, the uncle died in 1990, his father was an heir to the uncle's estate so his father paid off the debt in Nov. of 1990. His father died in 1991 so his wife was heir to his estate. She also died in 1991. No demand was ever made for repayment, so my question is: is this debt collectable or has the statute of limitations run out. Thank you.


Asked on 1/05/04, 10:00 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Payment of note

Depends on the terms of the note, but it is probably time-barred. You say that father paid off the debt -- if that is true, it's not owed in any event. Your friend needs to consult with an attorney who can review the specific documents and advise. Note that both the statute of limitations and payment are defenses, so they are waived if not timely and properly pled and presented to the Court.

Read more
Answered on 1/05/04, 10:46 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Virginia