Personal loan recovery

[hubei]

I loaned someone $4000 to start a business in Oct 2006. He has made multiple promises to repay the loan. As late as last August he made yet another promise to repay the loan. He has never made a payment. I have written proof of the loan. I live in Texas. Have I missed the SOL?

 

[Michael Wechsler]

I loaned someone $4000 to start a business in Oct 2006. He has made multiple promises to repay the loan. As late as last August he made yet another promise to repay the loan. He has never made a payment. I have written proof of the loan. I live in Texas. Have I missed the SOL?

I would argue that it has not. Did you ever demand money from him for the loan? If you're making a demand now, I'd say that the statute of limitations hasn't begun to tick until you notify him of breach of contract. File your case in small claims court and let him use the defense if he can. Unless he can successfully raise the defense, you've got your day in court.