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In state of Illinois. In 2006 an LLC of which I was

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,In state of Illinois. In...
,In state of Illinois.
In 2006 an LLC of which I was part of, obtained an SBA loan to start a new business. The lender is CIT Small Business Lending. The LLC defaulted on the loan, CIT Small Business Lending took possession of all equipment/machinery etc.,sold it for 25% of its value and filed a law suit against LLC and all other cosigners.
After 1 year of dragging in the court, CIT Small Business Lending file a motion to dismiss without prejudice.(June of 2010).LLC also filed a counterclaim ,therefore both claims were dismissed without prejudice.
One of the cosigner had her residence pledged as collateral, CIT Small Business Lending recorded a mortgage .
Q.What is the statute of limitation on refilling by either party?
Q.Is possible to request CIT Small Business Lending to remove the mortgage lien on the property, since they dropped the case?
Thank you for your help.
Submitted: 1 year ago.Category: Business Law
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5/15/2016
Business Lawyer: Richard - Bizlaw, Attorney replied 1 year ago
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,703
Experience: 30 years of corporate, litigation and international law
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Hello, my name is Richard and I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for. The statute of limitations on a promissory note such as your is 10 years. The statute begins to run when you defaulted. YOu do not say when the default occurred. The statute would begin to run when the default occurred. So if it was in March of 2007 for example, it would not expire until March 2017. The dismissal of the suit in 2010 does not affect the running of the statute of limitations so it can be refiled. At this time it is premature to take any action unless you want to pursue the counterclaim. If you wait until the statute of limitations expires, then you can demand that the mortgage be removed because the underlying debt would be unenforceable.If I have answered all your questions, please positively rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.
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