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  1. #1
    Join Date
    Nov 2010
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    North Carolina
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    Default Statute of Limitations on a Promissory Note

    My question involves collection proceedings in the State of: North Carolina

    I am trying to determine the statute of limitations on a promissory note in the state of North Carolina. A number of websites claim that the SOL on promissory notes is 5 years in NC, but I cannot find any statute to back up this claim. I have researched the NC code extensively and the only statute of limitations that I can find that would apply to promissory notes is the 3 year SOL on written contracts. Am I missing something? Would appreciate advice from someone willing to take a look at the NC code

  2. #2
    Join Date
    Sep 2005
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    Default Re: Statute of Limitations on a Promissory Note

    Per Harrington v Gerald, 659 S.E.2d 490 (N.C. Ct. App., Apr. 1, 2008) (unpublished), "A three-year statute of limitations applies to actions '[u]pon a contract, obligation or liability arising out of a contract' and to actions '[f]or taking, detaining, converting or injuring any goods or chattels, including action for their specific recovery.' N.C. Gen. Stat. 1-52(1), (4)". Assuming your promissory note falls under the described language, a straight enforcement action would have a three year limitations period from the time the cause of action accrued.

  3. #3
    Join Date
    Nov 2010
    Location
    North Carolina
    Posts
    2

    Default Re: Statute of Limitations on a Promissory Note

    Thanks so much. I did find NC Gen Stat 1-52 which puts into place the three year SOL. I don't know why there are so many websites claiming that a non-existent five-year SOL exists for promissory notes. Of course none of these websites actually cite any statutes or case law in support of their finding.

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