statute of limitations?

[bloom]

20 years ago, when I lived in California, a relative in the same state offered to lend me a downpayment to buy a home. Before I ever made the first payment he said he wanted to forgive the debt, make it a gift to me, and told me he had destroyed the note.

Now, 20 years later,living in Oregon, I have fallen out of his favor and he says he still has the note and intends to collect on it.

Is there such a thing as a statute of limitations in a case like this?

 

[racer72]

Yes there is a statute of limitations in California for signed contracts. It is 4 years. Even if he has the note it is worth nothing.

 

[bloom]

Thank you so much, racer72. That's a load off my mind.

 

[I AM ALWAYS LIABLE]

My response:

Just an expansion upon Racer's fairly correct response . . . ("fairly"? Uh, oh . . . I see one of those nasty "however's" coming ! )

The statute of limitations for an action for specific performance of a written contract is 4 years [CCP §337(1)]


337. Within four years: 1. An action upon any contract, obligation or liability founded upon an instrument in writing, except as provided in Section 336a of this code; provided, that the time within which any action for a money judgment for the balance due upon an obligation for the payment of which a deed of trust or mortgage with power of sale upon real property or any interest therein was given as security, following the exercise of the power of sale in such deed of trust or mortgage, may be brought shall not extend beyond three months after the time of sale under such deed of trust or mortgage.

2. An action to recover (1) upon a book account whether consisting of one or more entries; (2) upon an account stated based upon an account in writing, but the acknowledgment of the account stated need not be in writing; (3) a balance due upon a mutual, open and current account, the items of which are in writing; provided, however, that where an account stated is based upon an account of one item, the time shall begin to run from the date of said item, and where an account stated is based upon an account of more than one item, the time shall begin to run from the date of the last item.

3. An action based upon the rescission of a contract in writing.
The time begins to run from the date upon which the facts that
entitle the aggrieved party to rescind occurred. Where the ground for rescission is fraud or mistake, the time does not begin to run until the discovery by the aggrieved party of the facts constituting the fraud or mistake. Where the ground for rescission is misrepresentation under Section 359 of the Insurance Code, the time does not begin to run until the representation becomes false.


HOWEVER (oooh, and there's always one of those) . . .

An action for specific performance of a contract to convey real property where the purchase money is to be paid in installments accrues only after the last payment is due. [Tahoe Pines Co. v Newman (1922) 59 Cal App 186, 210 P 445

So, when would your last payment have been due ?

Then, count four years beyond that date. That's when the Statute of Limitations actually runs out.

Yikes !

Back to getting headaches again. You had better see an attorney, and perhaps, your defense to this matter could be "Laches".

IAAL