Took a commercial mortgage out from a bank in NJ for a property in PA. Settled it 11 years ago by way of a Deed in Lieu of Foreclosure. I live in Florida. Now NJ bank filed a suit against me and my LLC for unpaid money through a NJ Superior court. I provided the Deed for proof. Question is...
What is the Statute of Limitations for a commercial mortgage taken out by an LLC and guaranteed by the managing member. Debt was settled by Deed in Lieu of Foreclosure 11 years ago. The LLC wss disolved. There was no shortfall. I have the filed Deed but not the signed release. I do have the...