The 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 suits, appeals, and applications must be filed in Indian courts.
What is the limitation period for filing a suit on an open account under the Limitation Act, 1963?
Three years from the date of last entry in the account.
What is the limitation period for filing a suit on a promissory note payable on demand?
The limitation period is 3 years from the date the promissory note is made, as prescribed under the Limitation Act, 1963.
Under which schedule of the Limitation Act, 1963 are the periods of limitation specified?
The First Schedule of the Limitation Act, 1963.
What is the limitation period for recovery of a loan secured by a mortgage?
The limitation period for enforcing a mortgage is 12 years from the date the money secured becomes due, under Article 61 of the Limitation Act, 1963.
What is the limitation period for a suit by a beneficiary against a trustee for breach of trust?
Three years from the date of knowledge of breach.
What is the effect of acknowledgement of debt on the limitation period?
Under Section 18 of the Limitation Act, 1963, a written acknowledgement of debt signed by the party before the limitation period expires results in a fresh limitation period starting from the date of acknowledgement.
What is Section 2(j) of the Limitation Act, 1963 about?
It defines 'period of limitation' for a suit, appeal, or application.
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