BOND STATUTE OF LIMITATIONS

[pinenedle1]

In California, We recently bought out our partners share of a parcel of land that we were 50/50 owners, and we no longer communicate with them, as there are hard feelings. We had to take out a bond to cover a lost note and deed of trust in order to have the parcel reconveyed to us. The trustor could not be located, and our partners whom were in control of all the paperwork, say the note was paid, but cannot provide any proof. Thus the need for the bond. This is listed as a lost note bond. We had an attorney work on this for us, but he was not sure of the time indemnity of the bond.
The question is:
How long does the trustor, or their heirs, have to request payment of the note, should it surface, and demand payment be made. What is the statue of limitations concerning time, collection, and the bond? Thanks MIke K.

 

[HomeGuru]

What is the time limitation on the bond, James.

 

[pinenedle1]

I beleive the indemnity of the bond itself is unlimited as to time.
I am concerned about the statute of limitations, as to how long people have to come forward and demand payment on the note, if the note should surface at some point in the future. perhaps a child or grandchild will stumble upon the note while cleaning out grandmas house, and come after us for the money. At what point do they no longer have a legal claim for payment?

[Edited by pinenedle1 on 05-07-2001 at 09:48 PM]