How do I collect on a debt with a promissory note?

I lent money. She signed promissory note and asked me to wire transfer funds to her parents account ’cause there was supposedly something going on with her account. Is there any criminality in the way she set this up? What are my chances of getting a judgement and who should I file it against? Is there a “statute of limitations” in this case?

Asked on August 13, 2012 under Bankruptcy Law, New Mexico

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If you are owed money on a promissory note, then you need to make a demand letter for payment by a set date. If not made by the demand date then your recourse is to bring a legal action for payment in the county court house in the county where you live. Typically the statute of limitations to bring suit is four (4) years from breach.

The lawsuit should be against the person you loaned money to. I see nothing criminal with respect to how the loan was made or set up.


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