I just asked a question about a promissory note. Can I ask a follow up question to better understand the law regarding this?
Welcome! Thank you for your question.Sure, I would be happy to help. Please do give me a good rating on my prior response, though.John
Thank you for the positive feedback. Did you have further questions?
A couple of times my friend gave me $100 towards this debt. It is my understanding that any partial payments after the breach constitutes a reinstatement of the agreement. So therefore, would the statute date commence from the last time he gave me $100 instead of the $594 owed after a long lapse. Also, it was in cash, would I have the burden of proof that he gave me anything after the breach if I went to court over this matter.
You are correct about the payments caused the statute of limitations to restart. You are 100% correct that the statute does not start until he gives you the last payment, that payment could be $100, $5, $1, $.50 or $594. It does not matter. You would have to at least prove that a payment was made to you. That could be by your testimony, better evidence would be testimony of another person, a receipt, a ledger where you recorded the payment or something similar.Once you prove that the statute of limitations has not expired then it will be the obligation of the estate of the debtor to prove that the debt was paid off or how much is still owed.
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