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Re: SOL past ..IN THE CLEAR????

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Posted by Why Chat ( on November 03, 2002 at 18:21:21:

In Reply to: SOL past ..IN THE CLEAR???? posted by eapi_2000 on November 03, 2002 at 15:49:54:

I do not understand your post.
What is the term of the "note"
That is, if you borrowed $$ in 1994, and signed the note then, how long a period of time were you given to repay it without any interest? Wha were the default provisions? Was this a family loan? A business loan? Was there any security?

It is impossible to say for sure if the "SOL" is over without knowing the EXACT terms. If for instance, it said no interest for 1 year and then it would be due on demand, and the demand was just made for repayment a year ago, then the 6 year SOL would start when the demand was made.

In any case, the reporting SOL is 7 years not 6, and if it IS a demand note ,that date would start from the date of demand.

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