QUESTION
How do we get the $20,000 that my cousin borrowed from our father?
Asked on Aug 05th, 2013 on Bankruptcy - Florida
More details to this question:
My dad loaned my cousin $20,000. My dad died and my brother is executor of the estate. My cousin agrees he owes the money but it's been 5 years. Do we have any recourse?
5 ANSWERS
If there is nothing in writing and depending on the terms of the loan, the statute of limitations has most likely expired.
Answered on Aug 06th, 2013 at 12:09 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
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It would appear he owes the estate. Your brother should engage an attorney to represent the estate and help him through the process.
Answered on Aug 06th, 2013 at 10:10 AM
Debt Collection Attorney serving Chicago, IL
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Edelman, Combs, Latturner & Goodwin, LLC
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You may, but it is not possible to tell from the facts given. Things to consider: 1. The statute of limitations on a contract wholly in writing is 10 years. 2. The statute of limitations on a contract not wholly in writing is 5 years. Both periods are measured from breach, are restarted by payment, and may be extended by at least a written acknowledgment. 3. A contract which is not by its terms capable of being performed in one year must be in writing, signed by the party to be charged, to be enforceable.
Answered on Aug 06th, 2013 at 9:58 AM
General Law Attorney serving Cherry Hill, NJ
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Mark S. Cherry, Attorney at Law, PC
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The estate can file a lawsuit to collect.
Answered on Aug 06th, 2013 at 9:39 AM
Employment & Labor Attorney serving Weston, FL
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Behren Law Firm
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You may have to file suit against your cousin, but you might have statute of limitations problems.
Answered on Aug 06th, 2013 at 9:38 AM