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  1. #1
    Join Date
    Apr 2009
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    Default Statute of Limitations for a Personal Loan

    Statute of Limitations/Personal Loan: California

    On 5/1/05 I loaned someone $2500.00 with an ORAL agreement that the loan be repaid by 8/31/05.

    I waited until 11/1/05 as I felt I needed to give the person I lent the money to a few more months before attempting to collect.

    I then EMAILED the person in Nov of 2005 asking for the funds that they had promised to return by 8/31/05. They replied in a email with, "I'm sorry but things didn't work out the way I anticipated them and had they I would have definately paid you back by now..."

    My understanding is that the SoL on Oral contracts is 2 years, however would exchanging these emails somehow "memorialize" the contract possibly extended it to the 4 year written agreement SoL rule?

  2. #2
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    Default Re: Statute of Limitations for a Personal Loan

    You could try to argue that the email exchange ratifies the debt, and restarts the limitations period. If this person still won't pay voluntarily, your best bet is probably to get some form of new commitment to pay, or the payment of any amount of money, and use that to try to restart the clock.

  3. #3
    Join Date
    Apr 2009
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    5

    Default Re: Statute of Limitations for a Personal Loan

    The email just may do that, but it's still from 11/05. I don't know if that email will turn the "oral" agreement into a written one, therefor possibly extending it to the 4 year SoL (which is my understanding.)

    Now, as far as getting a new commitment, that may be quite tricky.

  4. #4

    Default Re: Statute of Limitations for a Personal Loan

    The statute of limitations is a defense. If you sue in small claims and they do not show up you win on your 4 year issue. Good luck

  5. #5
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    Apr 2009
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    Default Re: Statute of Limitations for a Personal Loan

    And if they use the defense, which they probably would, what is the probability that the case will be tossed? I'm only thinking that the email that was sent to me will somehow create a SoL date ending this year.

  6. #6
    Join Date
    Apr 2009
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    Default Re: Statute of Limitations for a Personal Loan

    bump bump bump

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