Dist. Ct. did not err in granting defendants-entity and guarantor’s motions for summary judgment in action seeking to collect on 2004 loan that plaintiff gave to entity, where Dist Ct. found that instant action was filed beyond applicable 10-year limitations period. Record showed that in August and September of 2008, principal of entity sent emails to plaintiff essentially admitting inability to pay on loan, which triggered start of limitations period, and which precluded plaintiff from recovering loan proceeds from entity, where instant lawsuit was filed on November 2, 2018. Moreover, plaintiff waived any argument that November 5, 2008 forbearance agreement constituted new promise to pay, so as to start new limitations period, where plaintiff failed to raise argument in Dist. Ct. Also, Dist. Ct. could properly find that language in guaranty agreement did not waive any limitations defense, where operative language in guaranty did not waive all defenses to enforcement of guaranty obligation.
Federal 7th Circuit Court
Civil Court
Statute of Limitations