I defaulted on a loan in Los Angeles California. I signed the promissory note in 1/2009 and stopped paying shortly after. It is now November 2013. I am now getting collection notices for the first time for it. What is the statue of limitations, can they sue me?
Answer
An action for breach of written contract must be filed within 4 years of the breach. In the case of a promissory note, it would be 4 years from date of the oldest missed payment.
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