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  1. #1
    Join Date
    Mar 2010
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    2

    Default Promissory Note Statute of Limitations

    My question involves collection proceedings in the State of: TEXAS OR GA

    Dad borrowed money from a friend. While he intends to pay it after selling a property later next year he wishes not have to go to court.
    The "friend" perosnally came over threatening to sue. The note was made in Aug 2002 to paid in full within three years.
    Question is when does SOL begin?
    I know tx is 4 years limit and GA is 6 years.

    Any help will be appreciated.
    EDIT: NOTE WAS MADE IN TEXAS AND SIGNED. NOT NOTARIZED BUT SIGNED BY WITNESS.

  2. #2
    Join Date
    Sep 2005
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    Default Re: Promissory Note Statute of Limitations

    The contract was entered in what state, Georgia or Texas? It's not both. (Why do you think it's both?) Your last sentence suggests that it's Texas - so how does Georgia factor in?

    The last payment was made when?

  3. #3
    Join Date
    Mar 2010
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    2

    Default Re: Promissory Note Statute of Limitations

    Quote Quoting Mr. Knowitall
    View Post
    The contract was entered in what state, Georgia or Texas? It's not both. (Why do you think it's both?) Your last sentence suggests that it's Texas - so how does Georgia factor in?

    The last payment was made when?
    Hi the note was signed and made in 2002. In addition the first loan payment was to be made three years after date of loan (2002). THE FIRST PAYMENT WAS NEVER MADE.

    The not was signed in Texas, and sent to GA via mail. SORRY for the confusion.

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