Statute of limitations on personal loans?

[fuscucla1]

What is the name of your state? California

I was wondering if there is a statute of limitations on private loans. I loaned someone money with the agreement that it would be paid by Dec 31 2002. I want to know if I can still sue this person and when would be the last day to file a claim against them?

 

[BL]

http://www.co.monterey.ca.us/court/overview.html

 

[JETX]

" I want to know if I can still sue this person and when would be the last day to file a claim against them?"
*** The CORRECT answer to your post is that it depends on the 'form' of the loan. In California, if the loan is verbal, you can only pursue it for 2 years. If written, then you have 4 years. Both of these dates start from the breach of the repayment agreement.

 

[fuscucla1]

" I want to know if I can still sue this person and when would be the last day to file a claim against them?"
*** The CORRECT answer to your post is that it depends on the 'form' of the loan. In California, if the loan is verbal, you can only pursue it for 2 years. If written, then you have 4 years. Both of these dates start from the breach of the repayment agreement.

Thanks for your reply. Well the initial agreement was verbal, ythen when payment was due and not given we wrote an agreement that payment would be made in full within 15 business days.

I am assuming our written document makes this valid for 4 years, yes?

Also can I charge interest for what was not paid beyond the 15 business days?

 

[JETX]

"Thanks for your reply. Well the initial agreement was verbal, ythen when payment was due and not given we wrote an agreement that payment would be made in full within 15 business days.

I am assuming our written document makes this valid for 4 years, yes?"
*** That would depend on the content of the document. If it is a simple confirmation of the debt, then no, it would not apply. However, if it includes all the specifics (loan amount, date, repayment agreement, etc.) and is signed by the borrower, then yes, it would probably qualify as a written agreement.

"Also can I charge interest for what was not paid beyond the 15 business days?"
*** Not if it was not included in the original agreement.