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Promissory notes and limitation periods

Region: 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.

If you a have a criminal record due to fraud-related charges (or for any other criminal offence), and wish to erase your record, call toll-free 1-888-808-3628 or learn more at Pardon Partners. It’s easier than you think.

Pardon Partners – Fraud ONPardon Partners – Fraud ON


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