Q: What specific Code of VA deals with failure to honor a promisory note of $60,000?
A: There are several statutes that deals with situations like this, depending on the circumstances. If, however, one is looking to sue to enforce the signer's duties under the note, or looking to defend a suit on such a note, the principles governing such a suit are regulated in part by statute and part by case law (i.e. common law). So for instance, the proceedure for the suit are discussed in Title 8.01 of the Virginia Code, and § 8.01-246 provides that one has 5 years to bring an action on a written contract, but a lot of what one might need to know comes from cases, not statutes. The best this to do is to discuss the details of the situation with a lawyer in person.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
