<p dir="ltr">Borrower signed a document in front of a notary saying he would pay lender 17,500 by 11/10/2012. There was a default, so a 6 yr sol to 2018. Debt is 17,500.</p>
<div class="gmail_extra"><br><div class="gmail_quote">On Nov 3, 2016 12:41 PM, "Eric Nelsen" <<a href="mailto:Eric@sayrelawoffices.com">Eric@sayrelawoffices.com</a>> wrote:<br type="attribution"><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
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<p class="MsoNormal"><span style="color:#1f497d">Re-posting this, since 4:30 PM was a lousy time to send it around the first time. Any opinions or thoughts much appreciated--<u></u><u></u></span></p>
<p class="MsoNormal"><span style="color:#1f497d"><u></u> <u></u></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d">Sincerely,<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d">Eric<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d">Eric C. Nelsen<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d">SAYRE LAW OFFICES, PLLC<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d">1417 31st Ave South<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d">Seattle WA 98144-3909<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d">phone <a href="tel:206-625-0092" value="+12066250092" target="_blank">206-625-0092</a><u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d">fax <a href="tel:206-625-9040" value="+12066259040" target="_blank">206-625-9040</a><u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;color:red">Please Note that We Have Moved.</span></b><b><span style="font-size:12.0pt;color:#1f497d">
</span></b><span style="font-size:12.0pt;color:#1f497d">We have moved our Seattle office to Mount Baker Ridge (a small commercial community just above the I-90 tunnel).
<b>Our new address is 1417 31st Avenue South, Seattle WA 98144. </b>All other contact information remains the same.<u></u><u></u></span></p>
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<p class="MsoNormal"><span style="color:#1f497d"><u></u> <u></u></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> <a href="mailto:wsbarp-bounces@lists.wsbarppt.com" target="_blank">wsbarp-bounces@lists.wsbarppt.<wbr>com</a> [mailto:<a href="mailto:wsbarp-bounces@lists.wsbarppt.com" target="_blank">wsbarp-bounces@lists.<wbr>wsbarppt.com</a>]
<b>On Behalf Of </b>Eric Nelsen<br>
<b>Sent:</b> Wednesday, November 02, 2016 4:18 PM<br>
<b>To:</b> WSBA Real Property listserve (<a href="mailto:wsbarp@lists.wsbarppt.com" target="_blank">wsbarp@lists.wsbarppt.com</a>)<br>
<b>Subject:</b> [WSBARP] Statute of Limitations on a Note and DOT<u></u><u></u></span></p>
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<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">I love pro se legal documents. Here's a fancy one, law school exam, multiple-choice:<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">FACTS:<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal"><b>Promissory Note</b> signed for a loan of <b>$10,000</b>, dated
<b>July 1, 2006</b>, no installments, no due date, <b>16.5% interest</b> "starting August 1, 2007 to February 1, 2008", no mention of security. Straight demand note--just a promise to repay. 6-year statute of limitations, BUT:<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">Lender gives an additional <b>$5,000</b> on <b>November 1, 2010</b>,
<u>no</u> Note signed, but has Borrower sign a <b>Deed of Trust</b> saying:<u></u><u></u></p>
<p class="MsoNormal" style="margin-left:.5in">"This Deed of Trust is for the purpose of securing performance of each agreement of Grantor contained in this Deed of Trust, and payment of the sum of
<b>$17,500</b> in accordance with the terms of a promissory note <b>of even date herewith</b>."<u></u><u></u></p>
<p class="MsoNormal" style="margin-left:.5in">AND<u></u><u></u></p>
<p class="MsoNormal" style="margin-left:.5in">"The entire balance of the promissory note secured by this Deed of Trust shall be due and payable in full on
<b>November 10, 2012</b>."<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">These are commercial/business loans, not personal/consumer loans.<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">Lender asserts that the inflated total of $17,500, as opposed to the principal total of $15,000, is to "add agreed interest." But Borrower is dead, so dead man's statute applies and all this must be interpreted by the written documentation--Lender
can't testify as to "adding agreed interest."<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">What is the statute of limitations as to the <b>$10,000 Note</b>?<u></u><u></u></p>
<p class="MsoNormal">(A) July 1, 2012, because execution of the Deed of Trust mentioning $15,000 does
<u>not</u> reaffirm that debt because it is not a Note of "even date"?<u></u><u></u></p>
<p class="MsoNormal">(B) November 1, 2016, because the Deed of Trust <u>did</u> reaffirm the Note, and the discrepancies in "even date" and in interest do not affect parties' intent?<u></u><u></u></p>
<p class="MsoNormal">(C) November 10, 2018, because the due on sale clause is incorporated into the Note?<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">What is the statute of limitations as to the <b>$5,000</b> loaned without any Note?<u></u><u></u></p>
<p class="MsoNormal">(A) November 1, 2013, because it is an oral promise to repay?<u></u><u></u></p>
<p class="MsoNormal">(B) November 1, 2016, because the Deed of Trust is sufficient writing to bring this loan under the written contract statute of limitations?<u></u><u></u></p>
<p class="MsoNormal">(C) November 10, 2018, because the due on sale clause relates to this loan, even though it claims to be for $17,500 rather than $5,000?<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">Anyone have some thoughts? Input and off-the-cuff opinions all appreciated.<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Sincerely,<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Eric<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Eric C. Nelsen<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">SAYRE LAW OFFICES, PLLC<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">1417 31st Ave South<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Seattle WA 98144-3909<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">phone <a href="tel:206-625-0092" value="+12066250092" target="_blank">206-625-0092</a><u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">fax <a href="tel:206-625-9040" value="+12066259040" target="_blank">206-625-9040</a><u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt"><u></u> <u></u></span></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;color:red">Please Note that We Have Moved.</span></b><b><span style="font-size:12.0pt">
</span></b><span style="font-size:12.0pt">We have moved our Seattle office to Mount Baker Ridge (a small commercial community just above the I-90 tunnel).
<b>Our new address is 1417 31st Avenue South, Seattle WA 98144. </b>All other contact information remains the same.<u></u><u></u></span></p>
<p class="MsoNormal"><u></u> <u></u></p>
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