Collecting a very old debt

[magidale]

What is the name of your state? California

I once loaned a family member $3300 in 1987 while he was living near me in California. He filled out and signedd an installment note payable in installments of $275 per month at an interest rate of 10%. He made only one payment and moved out of state to Utah. I never actively pursued the debt because he was known as a deadbeat and idn't feel it was worth the effort. Recently while going through my old papers I found the installment note. With accrued interest over these nearly 20 years the debt owed would be over $40,000.
Is this debt still legaly valid?
If I were to pursue this, would he have to provide proof that he paid off this debt to me?

[racer72]

Fuhgetaboutit. The statute of limitations tolled a long time ago.

[chebden]

Originally Posted by racer72

Fuhgetaboutit. The statute of limitations tolled a long time ago.

Isn't there something about the SOL clock stopping when a borrower leaves the state?

OP - Please don't rely on what I say, others on this site are far more knowledgeable than I.

[magidale]

I would like to know if the statute of limitations does indeed run out in such a case. He left the state within months of incurring the debt.

[debtcollector`]

Originally Posted by magidale

I would like to know if the statute of limitations does indeed run out in such a case. He left the state within months of incurring the debt.

yes -- it is an issue that would take attorneys to fight properly (on both sides) but the end result is going to be that you are SOL -- pun intended.

Now if you can get them to make a payment to you. The would restart the SOL. However, you are in Cali -- which means it is illegal for you to try.

DC