QUESTION
I have a sign promissory note that is over 8 years old. When i contacted this person a few days ago, they went off. Do I have a good case .
Asked on Feb 02nd, 2015 on Breach of Contract - Illinois
More details to this question:
About 8 years ago I was ask to loan this person 2550.00 to pay up her back rent. I agreed and she sign a promissory note agreeing to pay me 100.00 per week. after receiving the money she said she made a mistake and needed 350.00 more to have money to live on and pay some small bills. I increase the loan to 2900.00 with the same terms. She made 5 payments of 100.00 and the told me that she did not make enough to pay her rent and pay me 100.00 per week. 6 months later she lost her apartment and had to move back home. Paying no rent she made no attempt to pay me.
1 ANSWER
I am not sure what the statute of limitations is in Illinois, but it likely has passed. In New York, the statute of limitations on breach of contract is 6 years from the breach (i.e. the missed payment.) Depending on when the last payments were due, you may still have a claim for some of the missed payments.
Answered on Feb 02nd, 2015 at 1:54 PM