06-12-2008, 02:23 PM
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#1
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Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
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Promissory Note
Without getting into the gory details here; if someone wrote me a promissory note a little over two years ago, made a few monthly payments and then stopped how long does the note hold up?
I guess what I'm wondering is about the statute of limitations here and when it begins/expires.
thanks in advance!
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06-12-2008, 02:30 PM
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#2
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#1 Goaltender
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Why would it expire before the terms of the note are satisfied?
__________________
Quote:
Originally Posted by Biff
If the NHL ever needs an enema, Edmonton is where they'll insert it.
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06-12-2008, 03:18 PM
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#3
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Franchise Player
Join Date: Apr 2008
Location: Calgary
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I know some people who have a special way with kneecaps if such a thing is required...
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06-12-2008, 03:22 PM
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#4
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First Line Centre
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You are very close to the limitations period. I would suspect it would run from the last payment. The period would be 2 years if you intend to sue on it. I would definately get an answer asap and then file in small claims, presumably, to protect your right to sue. maybe Fredr could give a bit more nuanced of an answer. I have been out of this area for a while.
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06-12-2008, 03:22 PM
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#5
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Playboy Mansion Poolboy
Join Date: Apr 2004
Location: Close enough to make a beer run during a TV timeout
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If you have 2 years from the time the person last acknowledged the debt; or so I was told.
So make sure you file before that runs out. Or get them to extend it. If you can get them to send you $5, then the clock starts all over again.
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06-12-2008, 04:34 PM
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#6
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Franchise Player
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Never a borrower nor a lender be, Slava.  It's in the Bible (I think).
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06-12-2008, 09:47 PM
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#7
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Not a casual user
Join Date: Mar 2006
Location: A simple man leading a complicated life....
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Quote:
Originally Posted by Boblobla
I know some people who have a special way with kneecaps if such a thing is required...
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Would his name happen to be Guido? 
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06-12-2008, 10:06 PM
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#8
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Franchise Player
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Promissory notes are a form of currency. In fact the value of the promissory note has not changed despite the payments which have been made on it. It is worth what it says it is worth on it's face (which is why you should pay your promissory notes off in one lump sum). If push comes to shove though, the guy still will get credit for it, but technically the note is worth what it says it is.
I'm uncertain of limitations issues and promissory notes though.
__________________
"OOOOOOHHHHHHH those Russians" - Boney M
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06-12-2008, 10:49 PM
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#9
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Referee
Join Date: Jan 2005
Location: Over the hill
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Quote:
Originally Posted by MoneyGuy
Never a borrower nor a lender be, Slava. It's in the Bible (I think). |
Would I be a nerd if I pointed out that it's actually from Hamlet?
Ah, what the heck. I'm a nerd.
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06-12-2008, 10:50 PM
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#10
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Franchise Player
Join Date: Jun 2006
Location: Calgary, Alberta
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Quote:
Originally Posted by Iowa_Flames_Fan
Would I be a nerd if I pointed out that it's actually from Hamlet?
Ah, what the heck. I'm a nerd.
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I was just about to say that actually. Beat me to the punch.
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06-12-2008, 11:26 PM
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#11
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Franchise Player
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Quote:
Originally Posted by Iowa_Flames_Fan
Would I be a nerd if I pointed out that it's actually from Hamlet?
Ah, what the heck. I'm a nerd.
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No, you would not. Now if you knew immediatley that it was Polonius speaking to his son Laertes...then maybe you'd be a nerd. At least I think that's who it was!
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06-12-2008, 11:27 PM
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#12
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UnModerator
Join Date: Dec 2004
Location: North Vancouver, British Columbia.
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Quote:
Originally Posted by Boblobla
I know some people who have a special way with kneecaps if such a thing is required...
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With a name like Slava, you get the feeling he has his own special way with knee caps =|
__________________
THANK MR DEMKOCPHL Ottawa Vancouver
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06-12-2008, 11:33 PM
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#13
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Franchise Player
Join Date: Aug 2007
Location: Vancouver
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Quote:
Originally Posted by Aeneas
No, you would not. Now if you knew immediatley that it was Polonius speaking to his son Laertes...then maybe you'd be a nerd. At least I think that's who it was!
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Or someone Who just graduated grade 12....
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06-12-2008, 11:44 PM
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#14
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Franchise Player
Join Date: Jun 2006
Location: Calgary, Alberta
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Quote:
Originally Posted by MattyC
Or someone Who just graduated grade 12....
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Yay
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06-12-2008, 11:47 PM
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#15
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Franchise Player
Join Date: Aug 2007
Location: Vancouver
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Quote:
Originally Posted by Joborule
Yay |
lol well last year...but I still remembered the names....is that ok?
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