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Thomas McJD
Thomas McJD, Attorney
Category: Legal
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The note was signed on October 1, 2003 with a promise to pay in full on 10/1/2006. It is

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The note was signed on October 1, 2003 with a promise to pay in full on 10/1/2006. It is my understand that there is a six year limit to collect. I am still in year 6. Is it to late to file a claim or did the claim have to be filed prior to 10/1 2012?

TMcJD :

Hi, I will be happy to assist you, and it is my goal to make you a very satisfied customer! This may take a few minutes, so thanks for your patience.

TMcJD :

What state are you in/was the note entered into in? Thanks!

Customer:

CT

TMcJD :

Yes, you are correct that under Sec. 42a-3-118 of the CT statutes, any action to collect on the promissory note must be made within 6 years of the due date under the terms of the promissory note. Sometimes the 6 years can be considered to start over (such as if payments have been made more recently and/or the person owing the money has reaffirmed the debt), but otherwise, the limitations period expired on October 2, 2012 (because the six years didn't start running until the day after the due date). Thus, any legal action would, unfortunately, have needed to be commenced prior to that date in 2012. And unfortunately the verbal assurances of payment don't have any legal effect to allow you to still bring an action to collect on the note. I'm sorry to be the bearer of bad news, but please understand I'm only advising on what the law is. Thanks for understanding.

Customer:

Thank you!

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