Tag Archives: three-year

Three-Year Limitations Period Governs Bank Customer’s Suit for Misapplied Deposits – IL First Dist.

Now we can add PSI Resources, LLC v. MB Financial Bank (2016 IL App (1st) 152204) to the case canon of decisions that harmonize conflicting statutes of limitations and show how hard it is for a corporate account holder to successfully sue its bank. The plaintiff, an assignee of three related companies**, sued the companies’ …

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Ten-Year Statute of Limitations Applies to Demand Promissory Note: Three-Year ‘SOL’ For Negotiable Instruments Does Not

Advanced Credit, Inc. v. Linares, 2012 IL App (1st) 121574-U is a fairly recent case illustration of what happens when two statutes of limitation with widely varying time lengths potentially govern the same case. The defendant in Linares signed a promissory note in 2002 that was payable to the defendant “upon demand.” The plaintiff payee …

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