promissory note

[Jay5Dawd]

I loaned a relative $75,000 via a promissory note that was signed and witnessed by a bank notary. I've gotten $5,000 back so far.
In the event my relative doesn't pay me the full amount, can I take him to court?
Also, is there a time limit on how long I have to file a lawsuit?

 

[Zigner]

I loaned a relative $75,000 via a promissory note that was signed and witnessed by a bank notary. I've gotten $5,000 back so far.
In the event my relative doesn't pay me the full amount, can I take him to court?
Also, is there a time limit on how long I have to file a lawsuit?

What US State are you in? What are the terms of repayment spelled out in the note?

 

[Jay5Dawd]

State is NJ

Yes, the terms of repayment spelled out in the note. State is NJ.

 

[Zigner]

Yes, the terms of repayment spelled out in the note. State is NJ.

What are they?

 

[Jay5Dawd]

It's basically a standard note that you find on the web...
Borrower promises to pay back lender $$$ by xxx date.
In the event borrower doesn't, borrower is responsible
for court costs, etc...

 

[Zigner]

The statute of limitations in this matter appears to be 6 years. It would seem that the time period begins on the date of breach, which would be "paid by" date shown on your note.

This matter exceeds the limits for small claims court, so you would need to pursue this through the regular courts. You would be well advised to speak with a few attorneys.