Statute of Limitations for a Personal Loan

[cymp027]

Hi everyone,
My father loaned his nephew $10,000 in 1998. He has never persued it until now, hoping that he would pay up, and keep the family intact. Is it too late to make a small claims case? Thanks so much for your help.
Cynthia

[cymp027]

I'm sorry, I almost forgot, I'm also in Florida. Thanks

[aaron]

Was there a written contract or note? If so, when did the loan come due?

[cymp027]

There was nothing written about the loan, everything was verbal. My dad does have the cancelled check with Loan written in the memo and that's it. It was agree to be paid back as soon as he got the money.

[Happy Trails]

There was nothing written about the loan, everything was verbal. My dad does have the cancelled check with Loan written in the memo and that's it. It was agree to be paid back as soon as he got the money.

Where and when was he (nephew) suppose to get the money?

[cymp027]

It was a personal loan that he was going to use to help in his business. So he was just going to pay when hi business picked up. My dad...

[Happy Trails]

It was a personal loan that he was going to use to help in his business. So he was just going to pay when hi business picked up. My dad...

Did his business ever pick up?

Anyway, this was not a very good way to make an agreement. I can understand why your dad is frustrated. Florida has debated when the statute of limitations begins to run on loans made with an oral agreement.

Some of the cases are outlined here.

I can't give you a more specific answer than that.

Your dad should consult with an attorney to review all the facts. But, IMO, I think dad is SOL (and I don't mean statute of limitations).

[cymp027]

SOL, lol I think you're right. And no, his business went under. Thanks for your help.
Cynthia