Legal information on a Promissory Note

[dipsydo65]

What is the name of your state? North Carolina

I was wondering if a Promissory note ever becomes invalid.

It has been about 7 years and we have not received any money on this promissory note and I was wondering if we could still get the payee to pay the balance?

They didnt pay but 3 months on it and then they stopped paying.

Does the Promissory note become invalid?

They still owe $24,000 and this is for 14 acres of land.

Thanks for you help.

 

[totallybroke]

Statutes of Limitation:
Civil actions generally can be commenced only within certain time limitations. The time generally runs from the date a cause of action accrues or from the date injury or damages are discovered or should have been discovered. In an action brought to recover a balance due upon a mutual, open and current account, where there have been reciprocal demands between the parties, the cause of action accrues from the time of the latest item proved in the account on either side. (§ 1-31.)

When a cause of action accrues is a critical issue and may be different on a case by case basis. A creditor should always consult actual legal counsel to determine its right to action under the applicable statutes. Some of the time limitations relevant to credit and collection matters are as follows:


Express or implied contract 3 years
§1-52(a)(1)

Injury to personal property 3 years §1-52(4)
Contract for sale of goods 4 years §25-2-725
Action for relief not otherwise limited by Statute 10 years

§1-56