Consumer Law, Warranties loaned money

[Maryellen]

I loaned a relative $30,000. about ten years ago and they were to pay me interest on it twice a year. The amount was to be paid in full in the year 2000. I just need to know the statue of limitations on a loan that was due in 2000. Could I still put a lien on his house or is it to late.

 

[Michael Wechsler]

Regardless of state, I am very confident you have no statute of limitations problem. Send a demand letter for the money immediately and state that the debtor has a certain amount of time to pay the money, with interest, or you will sue in court.

My guess is that you didn't give this loan pursuant to a properly drafted written note with creditor protections -- I hope not but this is frequently the case with relatives, where the trust factor is high. You might be able to put a lien on the house with the judgment. I would file suit if you don't receive the payment, obtain a judgment, and file...

Speak to the clerk at the county courthouse or, better yet, to a lawyer since you will need to go to a higher court than Small Claims or even Civil Court. The amount in controversy is high...