Does an acknowledgement of a personal loan through a text message reset the SOL?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Does an acknowledgement of a personal loan through a text message reset the SOL?
I loaned my brother $5000 approximately 6 years ago. We both signed a contract I wrote myself. He made one payment a month after getting the money. I knew he was struggling, so I didn’t press him. I just found out about the SOL; he is doing better financially and I am running out of time if I do need to sue. I started asking for the money but haven’t gotten any. He only seems to answer texts. In one response he says he will give me the money but it is through text.
Asked on February 8, 2012 under Bankruptcy Law, New Jersey
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The statute of limitations runs from when the act giving rise to the right to sue occured--for example, from when your brother first failed to make payments when due or scheduled (that is, when he first defaulted under the terms of the loan). Correspondence about or even an acknowledgement of the debt does not reset the SOL; the SOL, again, runs from the default. Certainly, if you can still bring a suit (this would be under the SOL for written contracts in your state, with the time period starting at the default), you could potentially present his text as evidence in your favor, since it would limit his ability to dispute the existence of the debt.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.