Nova Scotia promissory note requirements

What Nova Scotia requires

• A claim may not be brought after the earlier of two years from the day it is discovered and fifteen years from the day of the act or omission it is based on; it is discovered when the claimant first knew or reasonably ought to have known of the loss, its cause, who caused it and that it is serious enough to warrant a proceedingLimitation of Actions Act, s. 8 (1), (2)
• The Small Claims Court hears claims for money arising under a contract or a tort of up to 25,000 dollars, including general damages but not counting interestSmall Claims Court Act, s. 9 (a)
• For a demand obligation, the first day there is a failure to perform it, once a demand for performance has been made, is the day the loss occurs and the day of the act or omissionLimitation of Actions Act, s. 14
• A limitation period under the Act may be extended, but not shortened, by agreementLimitation of Actions Act, s. 21 (1)
• An acknowledgement of liability for a liquidated sum, made to the claimant before the limitation period expires, starts the period again; it must be in writing and signed, and a part payment has the same effectLimitation of Actions Act, s. 20 (1), (9), (10), (11)
• In a proceeding in the Supreme Court to recover a debt, the Court includes interest at a rate it thinks fit from the date the cause of action arose to the date of judgment, and may decline or reduce it where interest is already payable under an agreement or by law, or where the claimant caused undue delayJudicature Act, s. 41 (i), (k)