kennethhoff
Member
What is the name of your state? South Carolina
My question is this: I have a promissory note from my brother for $7000.00 contingent upon the sale of a condo which he, I and another brother owned. He bought us out of the condo and paid us, however, he cheated us by getting a lower appraised value of the house than what should have been. He acknowledged this to us (verbally) and said he would pay both me and my brother the difference of $7000.00 each.
He has paid my other brother, but he is mad at me and refuses to pay. He wrote me a promissory note which says exactly (without specific references...):
I (his name) promise to pay (my name) in the order of ($7000.00) for the incorrect appraised value of the property location (address of the condo).
Originally appraised by (county, SC) during December 2004.
New appraisal date: November 2005
Originally appraised at $106,000
New appraisal amount $140.000
This note is in accordance with our discussion during the month of November 2005, being mainly that all papers of sale of town home were signed and all parties paid, the appraisal
was higher and I agreed on ethics and principal I would pay your share of the difference.
Payable at (The sale of above home)
(his signature) (date)
This note was written by him on July 25, 2006.
My questions are:
1) Is there a statute of limitations on how long I have waited to bring this to court, keeping in mind it was written to me on July 25, 2006 and I received in soon after ???
2) Do I have to wait for him to sell the home?
3) what if he never sells the home?
4) Lastly, and this is for my own learning as a new paralegal student. I have looked in the SC statutes. Title 32 for contract does not contain this. I did a full text search for statute of limitations, and looked under title 15, chapter 3, in the civil remedies and procedures. I must be missing it. I think I see it, but am not sure. I am mainly concerned with the staute of limitations on bring a civil lawsuit. If you are able, can you point me to the exact statute title/section ??
If it is truly not listed in this section their statutes.it says:
SECTION 15-3-600. Action for other relief.
An action for relief not provided for in this chapter must be commenced within ten years after the cause of action shall have accrued.
Thank you anyone for answering ???
Ken
My question is this: I have a promissory note from my brother for $7000.00 contingent upon the sale of a condo which he, I and another brother owned. He bought us out of the condo and paid us, however, he cheated us by getting a lower appraised value of the house than what should have been. He acknowledged this to us (verbally) and said he would pay both me and my brother the difference of $7000.00 each.
He has paid my other brother, but he is mad at me and refuses to pay. He wrote me a promissory note which says exactly (without specific references...):
I (his name) promise to pay (my name) in the order of ($7000.00) for the incorrect appraised value of the property location (address of the condo).
Originally appraised by (county, SC) during December 2004.
New appraisal date: November 2005
Originally appraised at $106,000
New appraisal amount $140.000
This note is in accordance with our discussion during the month of November 2005, being mainly that all papers of sale of town home were signed and all parties paid, the appraisal
was higher and I agreed on ethics and principal I would pay your share of the difference.
Payable at (The sale of above home)
(his signature) (date)
This note was written by him on July 25, 2006.
My questions are:
1) Is there a statute of limitations on how long I have waited to bring this to court, keeping in mind it was written to me on July 25, 2006 and I received in soon after ???
2) Do I have to wait for him to sell the home?
3) what if he never sells the home?
4) Lastly, and this is for my own learning as a new paralegal student. I have looked in the SC statutes. Title 32 for contract does not contain this. I did a full text search for statute of limitations, and looked under title 15, chapter 3, in the civil remedies and procedures. I must be missing it. I think I see it, but am not sure. I am mainly concerned with the staute of limitations on bring a civil lawsuit. If you are able, can you point me to the exact statute title/section ??
If it is truly not listed in this section their statutes.it says:
SECTION 15-3-600. Action for other relief.
An action for relief not provided for in this chapter must be commenced within ten years after the cause of action shall have accrued.
Thank you anyone for answering ???
Ken