Another "Microsoft Tech Support" answer from Mr. Stone, completely correct, but also provides nothing that answers the actual question. For the reasons stated in Mr. Stone's "answer" regarding statutes of limitations, the person you owe the money to will be unable to enforce the debt two years after payment is due, if the loan agreement was entirely oral, or four years after the payment is due if there is a written memorialization of the agreement. Just in case they file an action to enforce the debt, but fail to serve it right away, it might be wise to hold the payment funds for another year, but that is a judgment call.
Another "Microsoft Tech Support" answer from Mr. Stone, completely correct, but also provides nothing that answers the actual question. For the reasons stated in Mr. Stone's "answer" regarding statutes of limitations, the person you owe the money to will be unable to enforce the debt two years after payment is due, if the loan agreement was entirely oral, or four years after the payment is due if there is a written memorialization of the agreement. Just in case they file an action to enforce the debt, but fail to serve it right away, it might be wise to hold the payment funds for another year, but that is a judgment call.
