How long is the statute of limitations on a promissory note in Illinois?

Answer 1

Written contracts: 6 years, runs from date creditor could have sued account.

Oral debts, stated or opens accounts: 3 years.

Actions for fraud or mistake: 3 years from the date of the discovery of the fraud or mistake.

Actions involving fiduciary bonds, out of state instruments and foreign judgments: 4 years. NOTE: Arizona applies its own statute of limitations to foreign judgments rather than that of the state that originally rendered the judgment whether the judgment is being domesticated under the Uniform Enforcement of Foreign Judgments Act or pursuant to a separate action on the foreign judgment.

An Arizona judgment must be renewed within five years of the date of the judgment.

Answer 2

You have ten years (10) from the date the promissory letter was signed to file court documents and try to collect. In order to present the letter in court it must be signed legibly by BOTH parties, the lender and the borrower. There must be a valid date somewhere on the letter and the specific amount loaned/borrowed must be stated in numeric or word form (i.e. $400. or Four Hundred Dollars).

Answer 3

The time frame on a medical bill which is a written contract is 6 years in Georgia. Oral contracts are going to be limited to 4 years. The time usually starts from the point of last payment or acknowledgment of the debt.

Answer 4

Promissory notes are a written agreement. In Florida the limit is set at 5 years. The time starts from the last acknowledgement of the debt.