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Anne_C, Attorney
Category: Business Law
Satisfied Customers: 2302
Experience:  Business litigator, 15 years' experience
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I loaned $20,000 to an acquaintance and I what to know if ...

Customer Question

I loaned $20,000 to an acquaintance and I what to know if Colorado has any laws that may apply. The money was loaned with interest and a due date on a "Promasary Note". If the loan was not repaid on the date due, a penalty was written in. The loan was intended for her buisiness, but she deposited it into her personal account and did not use it for the purpose she gave or the buisiness at all. I know this from the co. accountant. The repayment due date was June 1, 2003. Do I have any legal recourse, what laws would apply? Thank You!
Submitted: 9 years ago.
Category: Business Law
Expert:  Anne_C replied 9 years ago.

Dear Colorado:

  • Has she made any payments at all? If so, when?
  • Has she acknowledged in writing she owes you the money? If so, when?
Customer: replied 9 years ago.
She has acknowledged both in writting, on tape and verbally to a number of people. She has not paid anything at all. Thank You
Expert:  Anne_C replied 9 years ago.

Dear Colorado:

The date that she acknowledged in writing that she owed this debt is going to be crucial -- especially if she said she intended to repay it. The writing doesn't need to be signed, e-mail will work

When was that?

Customer: replied 9 years ago.
Reply to Anne_C's Post: Hello-

     JS typed and signed the Promisary Note on company letterhead mid- january 2003. Payment in full was due no later than May 31, 2003. Thank You
Expert:  Anne_C replied 9 years ago.

Dear Colorado:

I am sorry to have to tell you this, but the statute of limitations for breach of contract in Colorado is three years from the breach. The time to file a lawsuit would have been no later than May 31, 2006.

If this acknowledged the debt later and promised to pay it again (for example, by sending you an e-mail that said, "I'm sorry I haven't paid you back, I promise I will do so as soon as I can), that could restart the statute of limitations from the date the later promise was made. For example, if you got this kind of e-mail on January 1, 2008, the statute would not run until January 1, 2011.

Here is more information about statutes of limitations in Colorado:

I wish I had better news for you.