statute of limitations on a promissory note?

Question

I have a promissory note that was due in 2005. What is the statute of limitations?

Answer 1

The statute of limitations for a debt varies from 3 to 7 years depending on the state. See http://www.fair-debt-collection.com/

Answer 2

I think that if you didn't collect on the note back in 2005 then pretty much you out of luck as far as collecting any thing from the person now.

As you stated the debt was due to be paid off in 2005, and that you didn't do any thing to collect what was owed to you by the time line that the note indicated. Once you allowed that date to go by and even a couple of years on top of that, you pretty much are out of luck.

Pretty much your out of gas and there is nothing that you can do now to be able to collect on the debt now.

EXTRA Information: Your promissory note was your contract, you let your own contract expire, that makes it a done deal. If you had not written a specific date then you may have been able to still collect from the person. But you put a certain date, and now that date has gone by 2 years ago.
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One final thought: If it's you that has the promssory note against some one else that was suppose to pay, the date was missed and no money will ge able to be gotten from this.

If you do not believe me take this person to small claims court and bring your note with you and let the jude look at the note. The judge will tell you that your promissory note has expired since the date 2005 was put into the note where it was to paid back by that date. Once it went past that date it is no longer a good note. Please don't take my word for it take the person to court and try to sue for what they owe you.

Answer 3

In the US, each state has it's own laws. As far as I know, the statute of limitations in most states is four years for contracts.

Answer 4

individually i could pass to IRS.GOV, get variety 4506-T and ask for salary and earnings transcripts for 2005-2008. you're starting to be an unsightly marvel 1099-C waiting for you--and any money you probably did no longer pay returned is taxable earnings while the 1099-C is finally issued.

Answer 5

If you haven't paid it, it will never go away. Sooner or later they will catch up with you and either sue you in court or have your assets attached to recover their money.