When time runs out on an outstanding loan

June 6, 2008

I loaned $4,000 to an employee and she never repaid me. Is there any statute of limitation that indicates how long I have to take her to court to recover what she owes me?

I loaned $4,000 to an employee and she never repaid me. Is there any statute of limitation that indicates how long I have to take her to court to recover what she owes me?

Yes. Each state sets a statute of limitation for breach of contract claims. Your attorney can tell you whether you still have time to file a claim. But even if the clock hasn't yet run out, you're unlikely to win your case without written proof, such as a dated promissory note.

Send your practice management questions to: PMQA Editor, Medical Economics, 123 Tice Blvd., Suite 300,Woodcliff Lake, NJ 07677-7664, or send an e-mail to mepractice@advanstar.com (please include your regular postal address).