Vedang
Asked September 07, 2013

Borrowed money

  • 2 Answers
  • 41 Views

A borrowed a sum of money from B. The last date for filing the suit fell on Sunday. The next day i.e. Monday, A gives a written acknowledgment to B. Whether B should file the suit immediately or he can do so after sometime?? Give reasons.

Answers 2

Sir

Section 18 of the Limitation Act provides as under : -

"(1)     Where, before the expiration of the prescribed period for a suit or application in respect of any property or right, all acknowledgement of liability in respect of such property or right has been made in writing signed by the party against whom such property or right is claimed, or by any person through whom he drives his title or liability, a fresh period of limitation shall be computed from the time when the acknowledgement was so signed."

So, acknowledgment of a debt provides for a fresh period of limitation. However, the  acknowledgment must be unequivical, unambigious, in writing and signed by the party. 

 

Feel free to contact should you have any questions

 

Vivek N Mapara

Agree Comment 0 Agrees 3 months ago

Before expiration of limitation period, the debtor or borrower if acknowledged the debt in writing and admitting the same the limitation period will be extended.

Agree Comment 0 Agrees 3 months ago

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