bschne1909
Junior Member
What is the name of your state (only U.S. law)? Texas
I have a Real Estate Note Agreement that provides for 18% interest after maturity. Maturity occurred 8 years ago. Debtor has been paying slowly over the years which extends the debt for Statute of Limitations purposes but it has been claimed that since collection under the Note agreement has been bared by limitations I am therefor trying to collect under an unwritten extension agreement and no longer a secured creditor. I am an unsecured creditor for the principle plus the 18% interest.
Does this seem correct? I have looked around the web and found nothing so far.
What is the name of your state (only U.S. law)?
I have a Real Estate Note Agreement that provides for 18% interest after maturity. Maturity occurred 8 years ago. Debtor has been paying slowly over the years which extends the debt for Statute of Limitations purposes but it has been claimed that since collection under the Note agreement has been bared by limitations I am therefor trying to collect under an unwritten extension agreement and no longer a secured creditor. I am an unsecured creditor for the principle plus the 18% interest.
Does this seem correct? I have looked around the web and found nothing so far.
What is the name of your state (only U.S. law)?