Area of Law: Fraud and Fraud Recovery
Answer # 1534
Promissory notes and limitation periodsRegion: Ontario Answer # 1534
The law concerning promissory notes and limitation periods establishes rules for when the limitation period starts to run. The date the promissory note is due (known as the date of the demand for payment) is considered to be the date the promissory note was issued. Therefore, the date from which the limitation period is calculated is the date the promissory note was issued.
Therefore, if the promissory note is not paid within that time period, a new promissory note should be made. By doing this, the limitation period can be extended because it will start to run from the issue date on the new promissory note.
If you discover you are a victim of fraud, it is a good idea to contact a fraud recovery expert for advice.
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