loan repayment claim Germany barred

Debt collectionGerman Law

For how long can a Creditor demand Repayment of a Loan under German Law?

How does German law treat loan agreements that state no specific repayment date? Germans have the saying "Bei Geld hört die Freundschaft auf" which loosely translates as "it's better not to mix friendship and money matters". Friends or relatives do borrow money though. What often causes problems is that the parties feel uncomfortable about creating a formal, written agreement. The approach tends to be: "We are good friends and trust each other, therefore we do…
Bernhard Schmeilzl
April 8, 2015