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LegalKnowledge
LegalKnowledge, Attorney
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I have a lawsuit filed in a Florida court. Its for a Promissory

Customer Question

I have a lawsuit filed in a Florida court. It's for a Promissory note for about $25,000. Besides the details and if the story is truth or not truth, I have a different question:
is there a "statue of limitations" as the note took place (was signed) on 04-03-2008, which is more than 5 years ago? The complaint is pursuant to F.R.C.P 1.934
Submitted: 11 months ago.
Category: Legal
Expert:  LegalKnowledge replied 11 months ago.
Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.

Good afternoon. I certainly understand the situation and your concern. There is a 5 year statute of limitations, in a situation like this. That is the amount of time which you need to file the lawsuit or the statute of limitations can be raised as a defense and bar recovery. The time would start to run, once the first payment was missed. While it was signed on 4/3/2008, if payments were made thereafter, the time would not have started to run. In the alternative, if the payment was due in a lump sum, the time would start to run from the due date.

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Customer: replied 11 months ago.


Thanks for your quick response. I haven't actually signed a promissory note ever as we never agreed in written, in stead I have a "money received" receipt signed. The loan was for 1 month. My first payment was on 09-04-08 and the check clearly states "this only an interest payment", not a payment or balloon. What follows out of this?

Expert:  LegalKnowledge replied 11 months ago.
If there was nothing in writing, it would be an oral agreement and it would be your word against the other parties, in regard to the terms and conditions. Moreover, there is a 4 year statute of limitations, so if the first and last payment was made on 9/4/2008 and the loan was supposed to be for 1 month and the time was not extended, the ability to proceed could be barred. If the loan was only for 1 month, you would need to evidence why the check was for an interest payment, instead of the full amount. If you modified the agreement, this would also have to be explained as well, during the lawsuit, if it is contested.
LegalKnowledge, Attorney
Category: Legal
Satisfied Customers: 15783
Experience: 7+ years handling Legal, Real Estate, Criminal Law, Family Law, Traffic matters.
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Customer: replied 11 months ago.


THANK YOU!!!... for the very quick and professional answers!

Expert:  LegalKnowledge replied 11 months ago.
You are welcome. Thank you.

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