Statute of Limitation

[cobi]

What is the name of your state? Calif.

Is there a Staute of Limitation on a promissory note?

 

[I AM ALWAYS LIABLE]

What is the name of your state? Calif.

Is there a Staute of Limitation on a promissory note?

My response:

Yes. An action based on an "account stated in writing" (Promissory Note) is subject to the 4-year statute of limitations (Ca Civ Pro § 337) governing obligations in writing. [See Ca Civ Pro § 339 subd. 1]

But where the underlying written obligation is unenforceable, a 2-year statute of limitations (Ca Civ Pro § 339) applies. [Iverson, Yoakum, Papiano & Hatch v. Berwald, supra, 76 Cal.App.4th at 997, 90 Cal.Rptr.2d at 670 - - because underlying fee agreement and promissory note were voidable as a matter of law, action on account stated was subject to 2-year statute]

There are other restrictions depending upon the actual situation, which you haven't stated.

And, don't let contributor "BusinessJustice" tell you anything different!

IAAL