I loaned a friend $ 6000 . 00 back in 1999 and was supposed to pay me back in 6 months . He signed an IOU for the money and ran into some very rough times . 3 years ago he verbally told me that he would pay me my money after his mother passed away and he sold the house . I have a witness to that statement . The house just sold 2 months ago and he refuses to pay me . Since we made a verbal agreement that he would pay me after the house sells and he now has the money wouldn't the clock start ticking 2 months ago on the statue of limitations for a verbal agreement . I want to take him to small claims court but I need to know if I have a valid statue of limitations or am I wasting my time ?