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Dave Kennett
Dave Kennett, Attorney
Category: Business Law
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Experience:  25 years practicing law
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What is the statute of limitations of the promissory note?

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What is the statute of limitations of the promissory note? In addition, can a holder ask interest accrued after the due date even if there is no interest on the note? If a holder is eligible for interest, what is the legal rate?
Submitted: 4 years ago.
Category: Business Law
Expert:  Dave Kennett replied 4 years ago.
DearCustomer- The SOL in GA is 6 years for written notes and contracts. If the instrument does not provide for interest then you cannot ask the court to change the terms of the document. You can ask the court to award post judgment interest if you can win your suit and that is generally awarded at 6% but it would only apply after the date of the judgment until the note is paid and not on the note itself.
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