What is my legal recourse if I have a business loan and the lending institution just discovered that failed to bill me interest for 2 quarters back around 10 years ago?
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What is my legal recourse if I have a business loan and the lending institution just discovered that failed to bill me interest for 2 quarters back around 10 years ago?
Asked on October 15, 2015 under Business Law, New Jersey
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Ten years is past the statute of limitations, or time within which a lawsuit must be started or initiated, in your state for a matter arising out of a contract or promissory note, like a loan. If they failed to charge you interest 10 years ago and you refuse to pay, there should be nothing they can do about were they to sue you for 10-year-old charges, you should be able to get the matter dismissed on statute of limitations grounds.
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