Has the statue of limitation expired on a Prommisory Note?

Submitted by Bruce.Bopp on Tue, 03/24/2009 - 14:39
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In NEVADA, I loaned a man and woman $27,500 and they gave me a signed Promissory note (dated May 2004). They also gave me 30 dated checks for the repayment (principle and interesrt) dated June 2004 through November 2006.

The initial check was good, but subsequent checks bounced for NSF and closed account.

I sent them a demand letter in September of 2008 and they started making payments again but stopped early 2009.

Since they made some payments in 2008, does the Statue of Limitation (SOL) reset?

In Nevada, the SOL on Written Contracts seems to be 6 years, but only 3 years on Promissory Notes. Can I argue that a written Promissory Note is a Written Contract?

The Prommisory Note says that the man AND OR the woman must repay the loan. Can I sue either of them, then later sue the other?

Thanks

Since they have made the payment towards the debt in 2008, the statute of limitation has again started and it will continue till 2011. You may sue both of them and bring judgment against them to recover it.
Promissory note is more or less the same as that of a written contract. But the difference is that, only the debtor signs the promissory note while both creditor and debtor signs a written agreement. Moreover, there are extensive clauses in written contracts than in a promissory note. However, you cannot argue that a promissory note is the same as that of a written contract.

Wed, 03/25/2009 - 07:24 Permalink
Ivan F (not verified)

I signed a promissory note in 1993 and made 11 payments. I made not payments after 1993. Will the statue of limitations prevent collection of it in 2015?

Mon, 01/12/2015 - 19:18 Permalink
charmdatereviewsrdc (not verified)

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Thu, 05/23/2019 - 23:10 Permalink
charmdatescamr… (not verified)

Buttz93 oughout

Not_homestuck 61 points created 4 months ago

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Tue, 05/28/2019 - 19:31 Permalink