Is there a time limit to sue for money owed? Ontario

[GPIDEAL]

Typo. It's $25,000.

Is it now $25,000? Good!

 

[MattRoxx]

Thanks to the legal guys for their opinions and advice on this forum.

and the prize goes to Oagre.

Debt Obligations that Are Due on Demand
Hare v. Hare, a December 2006 decision of the Ontario Court of Appeal, has important implications for the use of demand promissory notes generally and, in particular in tax planning. Legal and tax planners should be aware that standard drafting language used in promissory notes may bring about unintended consequences.

In Hare, the taxpayer loaned a sum of money to her son and secured the loan with a promissory note. Although some interest payments were made under the note, the son did not respond to a demand for payment of the loan and the taxpayer brought an action for recovery.
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Sitting down for the family Christmas dinner must be awkward!

 

[GG2]

[Karma]'s a bitch

If we believe Karma exists and works, then we can assume that moeman123 did something terrible in his past and it is Karma coming back around to sting him by shafting him in his loan deal.

Every time something bad happens to you, tell yourself that it's karma. The world is making you pay for your previous misdeeds.

Or you can accept that karma doesn't exist.

 

[mandrill]

Technically speaking, the court didn't apply it, and they generally don't. The defendant raised it as part of his defence. The op could sue the guy & get default judgment if the guy doesn't file a defence. However, it's likely the defendant would be able to move to set aside default based on the limitation issue, especially if the op starts seizing his assets.

Hmm... In my time, I've done a ton of set aside motions. There's a 3 part test: First, the guy moving to set aside the judgment must have an arguable defence. Second, he must show a reasonable excuse why he did not defend. Third, he must have moved to rectify the situation within a reasonable amount of time.

It's designed to shut out deadbeats who don't give a shit and only try to re open the case to defend a year or two later when their car gets seized.