Filing a lawsuit

G

garylaw

New Member
Jurisdiction
North Carolina
My business partner and I sold our business to an individual in 2009. There are two existing promissory notes for each of us and an individual buyer. The buyer stopped paying in the middle of 2016. I would like to file a lawsuit to get a judgement against the buyer. Looking for an attorney in the Charlotte area that can help me with this suit for a reasonable fee.
 
You're not going to find a lawyer by posting on an internet message board. There is a "find a lawyer" link toward the bottom of this page.
 
garylaw said:
My business partner and I sold our business to an individual in 2009. There are two existing promissory notes for each of us and an individual buyer. The buyer stopped paying in the middle of 2016. I would like to file a lawsuit to get a judgement against the buyer. Looking for an attorney in the Charlotte area that can help me with this suit for a reasonable fee.
Click to expand...

Before you hire an attorney read what a NC licensed lawyer has to say about SOL.



Statute of Limitations in North Carolina - Smith Debnam



After that, feel free to fine tune your questions.

I have one for you.

Were the promissory notes done under notary seal?
 
The Share Purchase Agreement and all documents were signed by a notary in NC.

Related to the Statute of Limitations in NC - if the last note payment was made on 05/02/2016, how long do I have before I have a problem with the SOL? Thanks
 
garylaw said:
if the last note payment was made on 05/02/2016, how long do I have before I have a problem with the SOL?
Click to expand...

The SOL typically starts to run when a payment was due and not paid. If the 6/2/16 payment was not made, you would have 3 years from that date to file your lawsuit.

There's a catch. If your promissory note did not have an acceleration clause (entire balance due on default) you might only be able to sue for payments missed to date and not for the whole balance.

That's something you are going to have to look into during a consultation with an attorney. If your amounts are greater than the small claims limit, you're going to need one.
 
garylaw said:
The Share Purchase Agreement and all documents were signed by a notary in NC.


Related to the Statute of Limitations in NC - if the last note payment was made on 05/02/2016, how long do I have before I have a problem with the SOL?
Click to expand...

Quoted DIRECTLY from the link I provided:

Contract actions in North Carolina are subject to a three year statute of limitations.

However, the statute of limitations is four years if the action involves a contract for the sale of goods.

The statute of limitations can be extended for as long as ten years if the contract is signed under seal.

You claimed your promissory notes WERE signed under the seal of a notary.

I would surmise you have TEN years.

I suggest you consult an attorney, otherwise you might NEVER get paid!!!

There are many legal reasons your debtor could assert to ensure you don't get paid.

In North Carolina, the statute of limitations does not begin to run until the plaintiff is entitled to institute and maintain a suit.


In other words, the statute of limitations does not begin to run until the contract between the parties is breached.


Statute of Limitations in North Carolina - Smith Debnam


 

Share this page

Get a free case review from a lawyer
Back
Top