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About 14 years ago my son came to me and asked if I could

Customer Question
lend him $10,000 and shortly...
About 14 years ago my son came to me and asked if I could lend him $10,000 and shortly after that another $30,000 I never asked what it was for. He did say that I would get it all back in October of that year, the loan was made around May.
The payback was based on his wife receiving her inheritance from her parents estate to be shared by her sister. However my son's brother in law caused the property to be held in lien by a bank. So I'm out $40,000.
What recourse do I have at this point?
Submitted: 1 year ago.Category: Legal
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2/16/2016
Lawyer: Roger, Attorney replied 1 year ago
Roger
Roger, Attorney
Category: Legal
Satisfied Customers: 31,815
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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Hi - my name is ***** ***** I'll be glad to assist.

Under Pennsylvania law, the statute of limitations for an oral contract is 4 years (42 Pa. Consol. Stat. § 5525(3)). Thus, you area well past that time period since the money has been loaned approximately 14 years ago.

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Lawyer: Roger, Attorney replied 1 year ago

Also, any loan arrangement where repayment will occur more than 12 months from the beginning date must be in writing to be a legally valid contract under the statute of frauds.

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Lawyer: Roger, Attorney replied 1 year ago

That said, the only way you could revive your right to collect the debt at this point would be to have your son renew the obligation by agreeing to repay you.....and that new agreement would re-set the statute of limitations. It would be best if you could have him sign a written promissory note..which would make your agreement easier to enforce.

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Lawyer: Roger, Attorney replied 1 year ago

Please let me know if you need anything further. Also, please take time to positively rate our conversation so I may receive credit for assisting. Thanks again!

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Customer reply replied 1 year ago
My son is a former CSI Detective he will not sign anything.
Lawyer: Roger, Attorney replied 1 year ago

If he will not sign anything, then you're limited to making an attempt to get him to agree in orally to repay the money within 1 year (and have a witness or two if you can). If he does that, you could sue him for the debt under the oral contract.

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Lawyer: Roger, Attorney replied 1 year ago

That's really your only option since so much time has passed from the date the money was loaned.

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Lawyer: Roger, Attorney replied 1 year ago

Please let me know if you need anything further. Also, please take time to positively rate our conversation so I may receive credit for assisting. Thank you very much!

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Roger
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