Hand loan given on trust, can be recovered even after 3 years or not.
BAALASUBRAMANNYAMM
(Querist) 15 June 2011
This query is : Resolved
Respected Experts,
I have given some hand loan to my friend 3 years 9 months back, by way of account payee crossed chque. At that movement, I was not taken any acknowledgement from him, because of trust and good faith. Due to overlook and mistake I was not demanding him in writing. Finally in the last month I approached him and demanded for payment. But simply he requeses to pay the amount on the ground of time barred. So at this juncture what I have to do.
1. Generally, the time limit is 3 years for recoevery of the amount. In case of more than 3 years what next.
2. I came to know that if I have given the amount on trust, I can collect the amount within 30 years.
So plz. clarify.
Advocate Bhartesh goyal
(Expert) 15 June 2011
You can not legally recover loan amount from your friend as it is now time barred.
M V Gupta
(Expert) 18 June 2011
You have put yourself in a helpless position. No acknowledgement for the amount paid nor any other witness; above all your claim has become time barred. No remedy through a court of law. Try through good offices of common friends.
J K Agrawal
(Expert) 19 June 2011
Trust means a public trust registered under Indian Trust Act.
Advocate. Arunagiri
(Expert) 19 June 2011
If you can prove that the borrower had agreed to repay within three years from now, (ie. on the 27th year) you can claim the amount.
BAALASUBRAMANNYAMM
(Querist) 21 June 2011
Respected Experts,
Thanks to all for giving ur valuable opinions.
