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Barrister, Attorney
Category: Legal
Satisfied Customers: 38255
Experience:  17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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I loaned a friend $25,000 10 years ago. I had him and his wife

Customer Question

I loaned a friend $25,000 10 years ago. I had him and his wife sign a promissory note that they were to repay me $28,000 within 1 year or the sale of his home - whichever came first. He came up with the $3000 interest amount. I have not been paid 1 dime to this date; but I have texts that from him that shows he does intend to pay. Do I have any legal recourse?
Submitted: 2 years ago.
Category: Legal
Expert:  Barrister replied 2 years ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
If the debt was due within one year or upon the sale of his home, then if he didn't pay the loan off in full within one year, then he would be in default on the loan.
The problem here is that the statute of limitations on a written contract is only 4 years from default for you to take action to enforce the contract by suing him for the balance due.
So legally, the note would be unenforceable now since it has been well over the 4 year statute of limitations.
However, if you can get him to pay you anything, even $1 towards the debt, that would serve to reset the statute of limitations back to zero and you would then have 4 more years to sue him for the debt.
So at this point, your best bet to be able to sue him would be to try to get him to pay you anything at all towards the debt, so it would "revive" it and you could legally pursue him under a breach of contract action in court and sue him.