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CAUTION RE TIME PERIOD TO COLLECT ON DEMAND PROMISSORY NOTE
The Ontario Court of Appeal has confirmed that, under the new Limitations Act, 2002, a lender has only 2 years from the date the last payment was made on a demand promissory note to make a claim for recovery or its action will be statute-barred. If no payment is made, the time period to bring a claim is 2 years from the delivery of the promissory note (not from the date demand is made). (Hare v. Hare [2006] O. J. no. 4955 (Ont. C. A.))