QUESTION
I have a breached promissory note from my sister and her now ex husband. Is there a way to collect from just him?
Asked on Feb 04th, 2015 on Contracts - New Jersey
More details to this question:
Obviously not wanting to cause a family rift, but I have a promissory note when I lent my sister and her now ex husband $25,000. They were to pay monthly but I never received a payment. I let this go for a few years, but now they're divorced. The promissory note is unsecured but properly formatted and thorough. Can I collect half from just him, or would it have to be both as they signed the note together?
1 ANSWER
Not really. You say that you let it go for a few years. Assuming that the statute of limitations has not expired, you could sue only him, but he would assert a claim against your sister for contribution for her portion of the liability. There are other machinations you could try (suing both then forgiving your sister after obtaining a judgment, etc.) but I really don't see a way to stick the debt solely on her ex. However, you may be able to settle with him. For example, he may prefer to pay you $10,000 rather then have you sue him, where, even if he recovers half from your sister, he will face liability of $25,000 plus interest.
Answered on Feb 05th, 2015 at 9:59 AM