Redemption of Mortgage?
G. ARAVINTHAN
(Querist) 03 October 2010
This query is : Resolved
Property was under mortgage from 1942.
Plaintiff filed a suit for redemption in the year 2000. Will the Limitation Act,963 apply or not?
Kiran Kumar
(Expert) 03 October 2010
there is some recent SC judgment on this issue....i ve not been able to recollect the citation, if any of the friends is having the citation then please mention it.
s.subramanian
(Expert) 03 October 2010
Each repayment of the morgage debt in piecemeal will extend the period of limitation by 12 years. Therefore it is necessary to have the repayment details with exact dates so that a final opinion can be given on this legal issue.
R.Ranganathan
(Expert) 03 October 2010
Mortgage suit it is 12 years and for redemption I am of the opinion it is 30 years. You can verify the Act.
Shrichand Nahar
(Expert) 03 October 2010
Limitation law is applicable to all the legal proceedings, including to the suit for redemption of mortgage.
niranjan
(Expert) 03 October 2010
It is necessary to know how the pltff.has claimed that the suit is within limitation.
G. ARAVINTHAN
(Querist) 03 October 2010
In old Limitation Act, time given for redemption of mortgage is 60 years
J K Agrawal
(Expert) 04 October 2010
very good question
I think "Once mortgage is always mortgage" says that there is no limitation of redemption of mortgage.
A 61 of limitation Act says 30 years from date "When the right to redeem or to recover possession accrues"
"Unless there is no suit for foreclosure a right to redeem exists"
I am still confused.
R.Ramachandran
(Expert) 04 October 2010
Since the mortgage was done in the year 1942, the limitation prescribed in the earlier Limitation Act, 1908 i.e. 60 years would be applicable, taking the limitation to the year 2002.
Since the new Limitation Act, 1963 had come into force with effect from1.1.1964, according to which the limitation period has been reduced from 60 years to 30 years.
According to Section 30 of the L.I.Act, 1963 any suit for which the period of limitation is shorter than the period of limitation prescribed by the Indian Limitation Act,1908, may be instituted within a period of Seven years next after the commencement of the 1963 Act or within the period prescribed for such suit by the Indian Limitation Act,1908, whichever period expires earlier.
Thus, calculated, the suit for redemption can be filed latest on or before 1.1.1969. The present suit not having been filed within such period would be clearly hit by limitation.
However, if the mortgagee had at any acknowledged that he is liable to deliver back possession to the mortgagor or that the mortgagor has the right to redeem the property from the mortgagee, then the limitation of 30 years would start afresh from that date of acknowledgement.
Whether any such acknowledgement by the mortgagee was there in the present case is not known.
R.Ramachandran
(Expert) 04 October 2010
In the fourth paragraph the sentence may be read as under (instead of what has been wrongly typed):
"Thus calculated, the suit for redemption can be filed latest on or before 1.1.1971."
M V Gupta
(Expert) 05 October 2010
I agree with the opinion of Mr. Ramachandran
G. ARAVINTHAN
(Querist) 05 October 2010
Ok Mr.Ramachandran, then what is the fate of the suit?
R.Ramachandran
(Expert) 05 October 2010
Mr. Aravindan, if there was any acknowledgement from the mortgagee then the limitation would get extended, otherwise not. As simple as that.
