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  1. #1
    Join Date
    Mar 2009
    Posts
    1

    Default Limitation Statute for Promissory Note

    My question involves collection proceedings in the State of: CA
    A friend recently pulled out a promissory note I signed back in 1994. It was paid but in a roundabout monetary way that was never tied to the note so I never asked for it back and he made it seem that things were all square.
    He has not brought the note up till now (15 years later). I understand there is a statute of limitations as well as the possibility of extending a statute. What is the time frame for this? Is there anyway he can sue me for this now?

  2. #2
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Limitation Statute for Promissory Note

    The SOL on a promissory note in California is four years. That is your defense.

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