Request for Answer Clarification by
01 Dec 2006 21:46 PST
Thanks for your response; most of it is quite clear. However, some
futher clarification is required with respect to the starting point.
"The beginning of the statue of limitation is whenever the original
loan is made, ...."
In this instance the debt, which reprsents a pro-rata share of certain
business losses, arose over a period of three to four years. Some
years later there was a request for payment, which payment I could not
make. Prior to such request there was no quantification or request
for payment. In response to the request, a letter acknowledging the
debt was signed by me; no note or payment date was specified. At the
same time, a letter guarantee from a now defunct private company that
I controlled was provided (no maturity dates stated, but there was a
start date for the accrual of interest that pre-dated the letter
guarantee by just under four years). A couple of years following this
acknowledgement a verbal request for payment was made, which request I
denied (reference to a request for payment and my not making a payment
were documented in writing).
So, when would the staute of limitations start to run? No payments of
principal or interest were ever made by me and no further
acknoweldgments of said debt were ever offered by me.