law

[ric007]

Hi, 1st time i have used this service, my question is regarding the hotchpot rules. My late father lent me money some 11 years ago which is now being requested back under this rule, as per the will. The question is whether or not the loan is now statute barred?(is there a 7 year time limit on hotchpot rule, as suggested on here?)

[bednobs]

i don't know the answer to your question but i do know that "statute barred" dosen't mean the debt is not repayable, and can't be asked for, merely that court action cannot be taken to recover it

[factor-fiction]

Did he ask for repayment at any time in the last six or seven years

[boxtops]

The hotchpotch rule seems to be about the fair division of assets in a will - just so we understand, was the loan greater than the amount you should have received as beneficiary under the will? As I read it, you are being asked to give back the money so it can be redistributed? http://legal-dictiona...y.com/Hotchpotch+rule

My understanding (from my insurance days) of the seven years is for Gifts Inter Vivos, where if you had been given the money (not lent), then tax is payable if the donor dies within seven years of giving it.