Any business litigator will be able to help. Do you have any documentation that the loan was due in 3 years? If so, two years after default is the statute of limitations on an oral contract. There are some other "ingenious" strategies for recovery, but no one wants to have to rely on the ingenious. Don't delay in contacting the attorney.
The above is general legal and business analysis. It is not "legal advise" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.
Mr. Doland is correct. If all you have is a verbal/oral contract, California Code of Civil Procedure 339 only gives you 2 years from the date of the breach of the contract to file a proper lawsuit against your friend. Based on the information you provided, and to evaluate your specific case and to determine just what cause(s) of action you may have, you should consult with a California business litigation attorney immediately. *
*Scott G. Nathan has been licensed to practice law in California since 1983. The information presented here is general in nature and is not intended, nor should it be construed as legal advice for any particular case or matter. This posting does not create any attorney-client relationship with Scott G. Nathan or my law firm. For specific advice about your particular situation, you should consult with an attorney immediately.
If you want to call me, I will see if I can help you.
Do not make a decision that could impact your income on a quick internet question, and quick answer. You should fully discuss with an attorney before proceeding.
Your going to need to be able to prove the existence of the oral agreement and the date of the breach for all the reasons that the other attorneys mentioned.
You probably do have other evidence of the agreement that you may not be aware of like emails, phone calls, your testimony, etc..
You really need to contact a civil litigation attorney asap. Also, what your friend used the money for is important as well as there is a potential for a constructive trust argument.
Kevin A. Spainhour, Esq. Spainhour Law Group www.slglawyer.com.
I just received an email with much the same facts. Lawyers should beware of fraud by people who use the internet and somehow can't meet the attorneys personally....
These remarks constitute general information, not legal advice. I am not your attorney unless you have entered a written fee agreement with me on a form provided by me.