LIMITATION OF PROMISSORY NOTE TO FILE SUIT

Mr Rokkam

Did the noting and protest of the promissory note take place. Please Clarify

no noting and protest got from promsory, exept the refusal of legal notice on 18.8.2009, wether i can file suit .

The limitation period (3 years) has expired as on 30.08.2009 and hence you cannot file a suit.

Krishna

The limitation of three years is for the Promissory note plus there is an additional 3 days of grace for payment. During which period the notice can be served calling the debtor to make the payment. Now unfortunately 30.08.2009 is a sunday. The notice was sent on 05.08.2009, the lapse of 2 days will not make any difference, the querist can seek condonation and file the suit for recovery of money.

But in the instant case, the querist has not got the noting and protesting done, advise of other learned members for guidance

Vishal

I agree with you regarding the 3 days grace period.  But still it is time barred.  I dont understand how condonation of delay for suit is applicable.

I also look forward for other learned experts to reply to obtain clarity in the matter.

Vishal,

Please refer section 5 Limitation Act:  I think it applies only to applications and appeals and not for suits:

5.         Extension of prescribed period in certain cases.

            Any appeal or any application, other than an application under any of the provisions of Order XXI of the Code of Civil Procedure, 1908  (5 of 1908), may be admitted after the prescribed period if the appellant or the applicant satisfies the court that he had sufficient cause for not preferring the appeal or making the application within such period.

            Explanation.-The fact  that the  appellant or the applicant was misled by any order, practice or judgment of the High Court in ascertaining or computing the  prescribed period  may  be  sufficient cause within the meaning of this section.

I like to have your opinion on how delay can be condoned in such circumstances?

Mr. Rokkam, you cannot file the suit after 30-08-2009. No condone delay petitions are entertained in money suits. my sugesstion is try to get any endorsement/signature of the borrowee on backside of the promissory note, then take fresh cause of action from that date. Note: the date of endorsement on the back of the promissory note also mention before the date of 30-08-2009

m finding concurrence with the opinion of Krishna....lets find out some judgment in this context.

In fact much depends on the contents of the pro note about the time of payment. May I request Rokkam to state something about this. Was the sum payable at some fixed time or no time was fixed. Some times sum is made payable at sight or on demand. Limitation varies depending on the condition of payment. So please clarify.

It is ondemand promissory note for Rs.15,000/-

MR KIRAN AND MR PALNIKAR RETIRE JUDGE MAY RESPOND FOR THE ABOVE THREAD REPLY GIVEN BY ROKKAM

hi,

you cann't file. kindly go through sec 12 of limitation act

Mr.Rokam'

All above members clarify the actual situattion , as  your promissory note is not within limitation.

In my opinion you can file recvory suit on promisory note along with delay condonation application,