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  1. #1
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    Sep 2016
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    Default What is the Statute of Limitations on a Promissory Note

    If you loan money to somebody with repayment based upon a contingent future event, when does the statute of limitations start to run on a promissory note for the debt. For example, if a parent loans $10,000 to a child, to be repaid when the child sells her home, does the statute of limitations start to run when the note is executed or when the home is eventually sold?

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

    The statute of limitations will normally start to run when the contingency occurs, meaning in that example when the home is sold. Exceptions from that general rule may exist based upon the full facts, including the exact language of the promissory note, or the laws of a specific state.

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