Is there a Statute of Limitations on a promissory note that was to be paid out by 2005. This was a business buyout.

Asked over 2 years ago - Jacksonville, FL

He received a large portion upfront, but was given a promissory note for the rest which was a very large amount. It was to paid completely by 2005 in semi annuall installments. The promissory note was signed by his partner. He has refused to pay and we are now living in a different state. The partner had many assets and still does. The business slowed down, but this was a prommisory note. Can he still collect on this which was drawn up with attorneys at the time who are witness to the agreement. He still has all paperwork regarding buyout information. Would he be entitled to damages or any interest and penalty from his partner. Could this be done on a contengency basis and could he do it in the state we now reside in.

Attorney answers (3)

  1. Preston Hall Oughton

    Pro

    Contributor Level 11

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    Answered . The Promissory Note will govern the relationship between the lender and borrower. Most promissory notes will outline the terms of the payments. Generally, the final payment of a promissory note signifies the last date on which the promissory note can be satisfied without a breach. In Florida, the lender would generally have five (5) years in which to bring an action under breach of promissory note, but that may not preclude the lender from bringing an action for damages under another legal theory. I recommend you bring your Promissory Note to an attorney and have them review it with you.

    This response does not create an attorney-client relationship. Unless you are already a client of the Law Office of Preston H. Oughton, pursuant to an executed fee agreement, you should not use, interpret, or rely on this response as legal advice or opinion. Do not act on any information in this response without seeking legal advice. Preston H. Oughton poughton@oughtonlaw.com (904) 854-6336.

  2. Robert John Murillo

    Contributor Level 20

    2

    Lawyers agree

    Answered . There is always a statute of limitations issue in any civil matter. Given that this is now some six years old, that is the first and biggest concern about your ability to collect.

    As to damages, interest, and the state for the suit, that depends on the note terms. You must speak with an attorney ASAP as this needs immediate review given the statute and other issues.

    This answer is for informational purposes only and is not legal advice regarding your question and does not... more
  3. Linda Yin Liang

    Contributor Level 16

    Answered . There is statute of limitations of 5 years on this. However, whether it has run has to do what you have done since 2005 about this.

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