I live in Iowa. About 10 years ago my exhusband borrowed money from me. He acknowledged it and we both signed and dated a contract saying he borrowed $5000 and would repay it as soon as he was able because he was not working at the time. He still to this day has not made a single payment. Will this contract hold up in court?
Answer
The statute of limitations on a promissory note like this is five years so it's likely that it has already run.
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