LAW OF LIMITATION
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Banking Regulations and Business Laws — CAIIB.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
What is the primary legislation governing the law of limitation in India?
The Limitation Act, 1963 is the primary legislation that prescribes time limits within which legal proceedings must be initiated in India.
What is the limitation period for a suit to recover money due on a bond?
12 years from the date the bond becomes due.
What is the limitation period for a suit on a promissory note payable on demand?
The limitation period for a suit on a promissory note payable on demand is 3 years from the date of the instrument.
What is the limitation period for a suit based on a written contract?
3 years from the date the right to sue accrues.
What is the limitation period for enforcing a decree passed by a civil court?
A decree passed by a civil court can be enforced within 12 years from the date the decree becomes enforceable.
Under the Limitation Act, what is the limitation period for a suit on a dishonoured cheque?
3 years from the date of dishonour.
What is the limitation period for a suit to recover money lent under a simple money loan agreement?
The limitation period for recovering money lent under a simple loan agreement is 3 years from the date the loan becomes due and payable.
What is the limitation period for a bank to file a suit for recovery of a term loan?
3 years from the date the loan becomes due.
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