Perspective
Mar. 7, 2013
Confusion over limitations period for suits over promissory notes
Many practitioners believe that the limitations period for bringing suit on a promissory note is four years. But there is more to the story, and it may actually be six years. By Steve Gentry
Many practitioners believe that the limitations period for bringing suit on a promissory note is four years. This view is based upon Code of Civil Procedure Section 337(1), which requires suit to be brought within four years in an action "upon any contract, obligation or liability founded upon an instrument in writing." But there is more to the story. The reality is that, under the Commercial Code, the holder of a note appears to have si...
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