limitation act

Querist : Anonymous (Querist) 04 January 2011 This query is : Resolved
my parents had defaulted two home loans from banks.
my mother had died 4 years back and father died 3 yrs back.

one of these bank had filed case for recovery
and moved a subsitution application to add name of children
other bank had not done anything yet( as per our knowledge)

i want to know what the time limit for filing suit for recovery

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Amit Minocha (Expert) 04 January 2011
The limitation period is of 3 yrs from the date of last due instalment or last amount paid which ever is later.

Guest (Expert) 04 January 2011
normally the bank execute deposite of title deeds. So it is a mortgage. normally the banks will not claims recovery of money like other individuals do. So the claim is w12 years. if you doubt go and check the bank for details

adv. rajeev ( rajoo ) (Expert) 05 January 2011
Limitation is 3 years, but there will be acknowledgement of debt singed by the loanee with the bank

Raj Kumar Makkad (Expert) 05 January 2011
I do agree with rajoo. The limitation in case of bank is also 3 years and not 12 years.

Kirti Kar Tripathi (Expert) 05 January 2011
i also agree with Mr. Rajoo. Limitation for recover of amount is 3 years from the date it become due.

Querist : Anonymous (Querist) 07 January 2011
i am a bit confused ....some expert say when there is a mortgage the period is 12 yrs

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