Promissory Notes
Under the Limitations Act, 2002, a borrower has no obligation to repay a loan under a promissory note in Ontario after a certain amount of time has passed. A lender has two years to collect repayment or commence legal proceedings for repayment after the maturity date of the loan or after the date where the lender demanded repayment. After the two years, the agreement is statute-barred and unenforceable.
This page is currently under construction and will be ready soon.
If you require additional information on this topic, please contact us.