limitation???
Querist :
Anonymous
(Querist) 07 July 2011
This query is : Resolved
when does limitation starts for recovery of money suit..??
Santosh Nawale
(Expert) 07 July 2011
I have not agree with Mr.Rajeev.The limitation starts from expiration of loan period.(limitation Three Yrs From Last Date Of loam)
Ravikant Soni
(Expert) 07 July 2011
See limitation act....
19.
For money payable for money lent.
Three years
When the loan is made.
20.
Like suit when the lender has given a cheque for the money.
Three years
When the cheque is paid.
21.
For money lent under an agreement that it shall be payable on demand.
Three years
When the loan is made.
22.
For money deposited under an agreement that it shall be payable on demanded, including money of a customer in the hands of his banker so payable.
Three years
When the demand is made.
23.
For money payable by the defendant to he plaintiff for money received by the defendant, for the plaintiff's use.
Three years
When the money is paid.
24.
For money payable to the plaintiff for money paid for the defendant.
Three years
When the money is received.
25.
For money payable for interest upon money due from the defendant to the plaintiff.
Three years
When the interest becomes due.
26.
For money payable to the plaintiff for money found to be due from the fedendant to the plaintiff on accounts stated between them
Three years
When the accounts are stated in writing signed by the defendant or his agent duly Authorised in this behalf, unless where the debt is, by a simultaneous agreement in writing signed as aforesaid made payment at a future time, and then when that time arrives.
Ashok Yadav
(Expert) 07 July 2011
It is three years from the date when the amount become due.
example:
A lent money to B with a promise to refund it on 3rd day of December 2010, B agreed to pay on the date fixed, the term of three year shall start to run from 4th day of December 2010 and A can file suit for recovery of his money from B, till 3rd day of December 2013, after this day it will be time barred debt and A could not file suit for recovery of money.
mahendrakumar
(Expert) 08 July 2011
very good Mr.Ashok,aany lay man could easily understand the answer.
