If I made a $5000 loan to a friend for a business 20 years ago and they will not repay me, what can I do?

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If I made a $5000 loan to a friend for a business 20 years ago and they will not repay me, what can I do?

Asked on August 14, 2013 under Business Law, Virginia

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Unfortunately, there is not much that you can do. While you may have a valid claim, at this point in time from a legal standpoint, you have no recourse. This is due to something known as the "statute of limitations". This is the time period that is specified by law in which a person may bring a lawsuit. Typically, in a case such as this for nonpayment of a loan, most states have a 3-6 years S/L. This doesn't mean that they don't still owe you, just that you can no longer sue them for the money. 


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