LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

A.L.Prasanna (MCom)     29 August 2010

a problem on limitation with regard to a promisory note

Hello everyone

I am a final year student of LLB. I came across a problem on limitation on promissory note. I was searching for some help when I read the forum discussing on promissary notes.  Can any one of you guide me with it?

A has exicuted a Promissary note in favour of B on 1-10-2005. A paid some amount on 1-10-2008 and got it noted on the promissary note. B files a suit for the reconvery of the amount on 1-10-2009. Decide.

Prasanna

 



Learning

 7 Replies

G. ARAVINTHAN (Legal Consultant / Solicitor)     29 August 2010

Limitation starts only from the date of last endorsement, the suit is well within time.

P.K.Haridasan (Advocate)     29 August 2010

The limitation of time will start from the last date of endorsement  . A letter with acknowledgement will renew the limitation period. The suit is in time.

digvijay singh (Assistant Advocate)     29 August 2010

agree......

niranjan (civil practice)     29 August 2010

I also agree.

A.L.Prasanna (MCom)     30 August 2010

Hi

Thnaks to all for an instant reply. But I would appreciate if you could give me more precise solution with case law if any quoted and about  amendment regarding the same if any.

Deekshitulu.V.S.R (B.Sc, B.L)     04 September 2010

You should go thro Sec. 18,19 and 20 of Limitation Act. Then the problem is solved.


(Guest)

The limitation start afresh from the date of  endorsement or repayment in part


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register