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Winston Mortain
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How valid is a promissary note based on circumstances

Resolved Question:

Money transpired betw parents and son in 1986. Mother dies in 1995. Father remarries in 1997. Father and new wife pressure son to sign promissary note for repayment. Promissary note signed by son under duress of strained relationship w/ father on Sept 25th, 1997. Agreement states "interest to be paid monthly, note to be paid in full by Sept 25, 2002. Obligore will make reductions at his own discretion". Last interest payment was made in Oct, 1999. No principal reductions were made since. Father dies Nov 22, 2005. Wife named executrix. Estate currently sueing Obligor for full amount. Also will allows for the executor to sue for the amount due. Lawsuit pending. In NYS
Submitted: 6 years ago.
Category: Legal
Expert:  Winston Mortain replied 6 years ago.

The note appears to be enforceable, on the basis of the facts given, except for the statute of limitations, which is 6 years.

 

Winston Mortain, Lawyer.
Category: Legal
Satisfied Customers: 665
Experience: 27 years practice of law
Winston Mortain and 8 other Legal Specialists are ready to help you
Customer: replied 6 years ago.
Reply to Winston Mortain's Post: This is A Installment note, Also Statue of limitations from when, last Interest payment or
note due.
Expert:  Winston Mortain replied 6 years ago.
No, actually it is not an installment note, it is an "interest only" note with balloon payment at the end. An installment note would require portions of the principal to be paid in installments. The statute would run from when the last payment (interest payment in this case) was made.
Winston Mortain, Lawyer.
Category: Legal
Satisfied Customers: 665
Experience: 27 years practice of law
Winston Mortain and 8 other Legal Specialists are ready to help you
Expert:  Winston Mortain replied 6 years ago.

Here is the link to the particular statute of limitations.

It runs from when the note holder could have first sued on the note, and that would be the first month the interest went unpaid: November, 1999.

Edit: sorry, I can't get the link right. It is CVP, Article II.

Winston Mortain, Lawyer.
Category: Legal
Satisfied Customers: 665
Experience: 27 years practice of law
Winston Mortain and 8 other Legal Specialists are ready to help you
Customer: replied 6 years ago.
Relist: I still need help.
Does Satute of limitations change if that dollar is mention in will for amount due. will filed on
Dec 2006 does the satute time change
Customer: replied 6 years ago.
Does Satute of limitations change if the dollar amount is in the Will for amount due. Will filed on Dec 2006 does the satute time change
Expert:  Winston Mortain replied 6 years ago.
The statute of limitations (6 years) had expired before the father died. Oct. '99 to Nov. '05 is more than 6 years. It doesn't matter what the will says, by the time it is effective (father's death), the claim on the note was unenforceable because of the statute of limitations.
Winston Mortain, Lawyer.
Category: Legal
Satisfied Customers: 665
Experience: 27 years practice of law
Winston Mortain and 8 other Legal Specialists are ready to help you

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Winston Mortain
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27 years practice of law