Statue of limitation on a loan from family member

Asked about 4 years ago - Newport, RI

My mother loaned me $6500.00 dollars in either 2004-2005 and stated that I need not pay it back but I signed a paper prior to her saying I didn't have to pay her back and now she is demanding the money and will not give me a copy of the paper I signed and I can't find my copy if I even had one (as it was my mother) What are the chances that it could be a court issue in my favor of not paying back? Is it 7 years for limitations or 4 years Rhode Island????

Attorney answers (1)

  1. Scott J Summer

    Contributor Level 9

    Answered . First, the statute of limitations in RI for suits based on contract is 10 years (see RIGL 9-1-13 here http://www.rilin.state.ri.us/Statutes/TITLE9/9-...).

    Second, the question seems to state that she loaned you money, in return for which you signed some document - presumably something acknowledging the loan and agreement to repay. Later she verbally stated that you need not repay the loan - she would forgive the loan. And most recently she has demanded payment.

    A court could conceivably believe that you mom did forgive the loan, in which case you would not have to pay her.

    But the right thing to do, IMHO, may well be to repay your mom regardless of anything she may have stated later. After all, she did loan you the money, presumably at a time when you needed it. And she has bestowed many other gifts upon you, including the invaluable gift of life.

    Best,
    LawyersCollaborative

    Note: The above information does not constitute legal advice. Unless a written Collaborative Representation Agreement has been signed, neither LawyersCollaborative nor any of its Staff General Counsel is your legal representative.

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

27,917 answers this week

2,973 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

27,917 answers this week

2,973 attorneys answering