QUESTION
is there a statute of limitations on someone owing me money?
Asked on Jul 05th, 2015 on Breach of Contract - Missouri
More details to this question:
a person promised to pay back 5000.00 I loaned to her and that was 5 years ago.
1 ANSWER
The statute of limitaitions for breach of contract varies by jurisdiction, but generally runs from the date of the breach, i.e. the date the loan was supposed to have been repaid. If no time for repayment was specified, the Court will generally imply a reasonable time period. The NY statute of limitations on breach of contract is 6 years from the breach, but that is the longest I have seen. It may well be shorter in MO.
Answered on Jul 06th, 2015 at 12:37 PM