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Are you saying you said there was never an obligation to pay interest and you said they only had to pay when it was convenient to pay and there is nothing else there about any deadline at all?
As you provided an interest free loan it is not likely that you can now seek interest.
At the same time it is quite likely that if you were to go to court you could get a court order compelling the borrower to pay you back. That is because while you use the phrase " when it's convenient" there comes a time when it is not fair or reasonable to continue to say paying back a debt is not convenient.
The court would consider what the intentions were at the time the agreement was entered into but would also consider what is reasonable.
What is clear is that you did not intend to make a gift. unfortunately, what is also clear is that you did not protect yourself appropriately and did not consider what would happen if you wanted to be paid back and had not been.
In my view your next best step will be to consult with a lawyer face to face with the review to retaining the lawyer to send the borrower a letter demanding payment by a reasonable deadline that you set.
The limitation period starts when the demand is made.
The borrower has to pay what is owed less what is owed to the borrower.
If lender actually owes the borrower more than what was loaned then the borrower doesn't owe anything.
If the business is incorporated then the court is right because an incorporation is a separate legal entity.
Then a counter-claim would be needed.
If should have been included but the demand was still made and even if there was a verbal agreement a demand can be made on it so it's not really going to help.
It just depends on whether the invoice was for a corporation or the same person.
I don't know if witnesses are needed.If you have to prove something then witnesses are good but if the facts are in dispute but this is just about whether there is a right of set-off then you may not need witnesses.
Then you cannot set off as the corporation is a separate legal entity and they have to be sued by way of counter-claim.
If the demand was made over two years ago then it is too late to sue.
There is no extending the limitation period.
If there is an action the the counter-claim may be able to go ahead with leave of the court as it arises out of the claim.
The court proceedings has to start within the two years, not be finished.
So if the demand was made in May 2013 then he had to May 2015 to start. Did he start in 2014 or 2015?
Then it's not too late.
The claim has to be started before the end of the limitation period.
I am not sure where the confusion lies.
The limitation period starts to run when a claim arises and it is for two years and the lawsuit must be started within the two years.
Demands don't start a lawsuit or stop the limitation period from applying.
The borrower would sign the promissory note because it is an agreement to pay.
The courts have held that the limitation. Does not start until the demand is made.
Please write my answers on this post.
Then, if you want me to answer any question I would be happy to do so but you have to start a new post.
Thank you very much
Yes you're correct as it does not matter who drafts it.