Re: Engagement Ring
that is not what many courts are now ruling Donny. Any case I have heard of recently has ruled that it is a gift contingent upon an action (marriage) and since the marriage did not come to fruition, the ring is returned to the purchaser.
OP, It seems Illinois has some lengthy statutes of limitations and there are several statutes this could fall under. One, has a limitation of only 2 years but another, 5 years.
Bottom line; as I stated before, many states are going with the give it back ruling. Why don;t you just package it up and send it to him. You cannot offset what he owes you with the ring unless he agrees to it so if you want to sue him for what he owes you, go for it. In the meantime return the ring.
I am not an attorney and any advice is not to be construed as legal advice. You might even want to ignore my advice. Actually, there are plenty of real attorneys that you might want to ignore as well.