QUESTION
can someone ask for an unpaid promissory note after 26 years in Montana
Asked on Oct 07th, 2014 on Contracts - Montana
More details to this question:
I received a certified letter from an attorney representing a person that had a copy of promissary note date in 1988, asking me for restitution, I answered that I had no recollection of the debt and that to wait 26 years was tardy
1 ANSWER
Statutes of limitations don't run from when the contract was made, but from when it was breached. I don't know the applicable statutes of limitations in Montana, but if the note was due 26 years ago, the limitations period has undoubtedly expired (the contract statute of limitations in NY is 6 years, and I know of no jurisdiction which has a longer one.) However, if the note was due 2 years ago, or on demand and no demand was ever made until now, the limitations period may not have run.
Answered on Oct 08th, 2014 at 12:27 PM