I owned a business w a partner, I legally left the partship, he ran up debts after this, a company that I gave a promise note is sending me to collec

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I owned a business w a partner, I legally left the partship, he ran up debts after this, a company that I gave a promise note is sending me to collec

Asked on May 18, 2009 under Business Law, Arizona

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

A promissory note as you may know is a contract that may be enforecable against you to the extent that you signed it individually.  the statute of limitations for actions on promissory notes is generally 6-7 years depending on the statute of limitations in your state.  Therefore, the collection company may come after you if you signed personally and the note is in default.  I would retain a lawyer to try to settle the debt and decide whether your business partner must reimburse you.


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