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LAWS OF LIMITATION ACT | BANKING RELATED LAW | JAIIB LRAB EXAMS 2022

LAWS OF LIMITATION ACT FOR JAIIB LRAB EXAMS 2022

In the post, we will get to know limitation period stipulated for various types of suit under Limitation Act, 1963 for JAIIB 2022.

 

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JUNIOR ASSOCIATE OF THE INDIAN INSTITUTE OF BANKERS | LRAB NOV 2022

Paper no. 3 of the JAIIB Exam is due on 20th Nov 2022. As the time is only going to get reduced as the days goes by, it is essential that the bankers who are writing the legal & regulatory aspects of banking paper this time, should keep their mind & practice intact for the 2022 Nov exam.

So, the Limitation period falls under the syllabus of Law paper of Junior Associate of the Indian Institute of Bankers, we are hereby presenting you with the table to revise the time period of limitation from Module C i.e. Banking Related Laws as per the latest & updated Syllabus of JAIIB for Nov 2022 Exams.

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THE LAW OF LIMITATION

Section 1 of the Limitation Act, 1963 contains the short title, extent and commencement of the act i.e the Act may be called the Limitation Act, 1963, applicable to India as whole except the J&K & will come into force from the date that will be notified by the Central Government in the Official Gazette.

And Section 2, like all other acts, contains the definitions of various terms used in the act and the period of limitation has been defined in section 2(j).

As per sections 2(j), “period of limitation” means the period of limitation that has been prescribed for any suit, application or appeal by the Schedule, while the “prescribed period” means the period of limitation calculated as per the provisions of this Act;

In the below-given table, we will look at the periods that have been allotted for different suits & the time from when the limitation period will be computed.

 

PART 1 — SUITS RELATING TO ACCOUNTS

No Suit Description Limitation Period Time from which period begins to run
1 In cases where both parties have reciprocally demanded payment on a mutual, open and current account. 3 yrs In order to compute this year, the closest year in which the last item admitted or proved was entered into the account must be taken into account.
2 Against a factor for an account. 3 yrs A demand is made on the account and is refused or, in the absence of a demand, the account is terminated at the end of the agency period.
3 The principal seeks compensation from the agent for movable property received by the latter and not accounted for. 3 yrs A demand is made on the account and is refused or, in the absence of a demand, the account is terminated at the end of the agency period.
4 Acts of negligence or misconduct on the part of principals against agents. 3 yrs As soon as the plaintiff learns of the neglect or misconduct.
5 Upon dissolution of a partnership, for the account and profits of the partnership. 3 yrs The dissolution date.

PART 2 — SUITS RELATING TO CONTRACTS

Suit Description Limitation Period Time from which period begins to run
6 For a wages of seaman 3 yrs The end of the voyage during which the wages have been earned.
7 For any other persons’ wages. 3 yrs The accrual date of wages.
8 The price of food or drink sold by a hotelier, tavern keeper, or lodging house owner. 3 yrs the delivery date of food or drink.
9 For the lodging price. 3 yrs When the lodging price becomes payable. 
10 For compensation resulting from the loss or damage of goods by a carrier. 3 yrs The occurrence of the loss or injury.
11 Against a carrier for compensation for not delivering or for a delay in delivering of goods. 3 yrs The time the goods ought to be delivered.
12 For the hiring of animals, vehicles, household furniture or boats. 3 yrs The date the hire becomes payable.
13 For the balance of money paid in advanced for goods to be delivered. 3 yrs The date the goods ought to be delivered.
14 For the price of goods sold and delivered but where no fixed period of credit has been agreed upon. 3 yrs The date of the goods delivery 
15 For the price of goods sold and delivered to be paid for after the fixed period of credit expires. 3 yrs The date the period of credit expires.
16 For the price of goods sold and delivered to be paid for by a bill of exchange, but no such bill being given. 3 yrs The date the period of the proposed bill elapses.
17 For the price of trees or growing crops sold by the plaintiff to the defendant where no fixed period of credit has been agreed upon. 3 yrs The sale date.
18 For the price of work done by the plaintiff at the request of the defendant, where no time has been fixed for payment. 3 yrs When the work is complete.
19 For money payable that has been lent. 3 yrs the date of the loan made. 
20 For money lent by lender via cheque. 3 yrs The date the cheque gets paid.
21 For money lent under an agreement with the undertaking that the same shall be payable on demand. 3 yrs The date the loan is made.
22 For money deposited under an agreement that the same shall be payable on demand, including money of a customer in the hands of his banker. 3 yrs The date the demand is made.
23 For money payable to the plaintiff for money paid on behalf of the defendant. 3 yrs The date the money is paid.
24 For amount payable by the defendant to the plaintiff for money /amount / cash      received       by the defendant, for the plaintiff’s use. 3 yrs The date the money is received.
25 For amount payable for interest upon money due from the defendant to the plaintiff. 3 yrs The date the interest becomes due.
26 For amount payable to the plaintiff for money to be due from the defendant to the plaintiff on accounts stated between them. 3 yrs The date the accounts are stated in writing & signed by the defendant or his agent duly authorised in this behalf, unless where the debt is, by a simultaneous agreement in writing signed as aforesaid, made payable at a future time, and then on that times’ arrival.
27 For compensation for breach of a promise to do anything at a specified time/day, or upon the happening of a specified contingency. 3 yrs The date & time specified arrives or the contingency happens.
28 On a single bond, where a day or date has been specified for payment. 3 yrs The date / day so specified.
29 On a single bond, where no such day or date has been specified. 3 yrs The date of executing the bond.
30 On a bond which is subject to a condition/s. 3 yrs The date the condition is broken
31 On a promissory note or bill of exchange payable at a fixed time after specified date. 3 yrs The date the bill or note falls due.
32 On a bill of exchange which is payable at sight / after sight, but not at a fixed time. 3 yrs The date the bill is presented.
33 On a bill of exchange which has been accepted & payable at a specified place. 3 yrs The date the bill is presented at that place.
34 On a bill of exchange or promissory note payable at a fixed time after demand or after sight. 3 yrs The date the fixed time expires.
35 On a promissory note or bill of exchange payable on demand which is/are not accompanied by any writing restraining or postponing their right to sue. 3 yrs The bill or note date.
36 On a bond or promissory note payable in instalments. 3 yrs The expiration of the first term of payment as to the part when payable; 

& for the other parts – the expiration of the respective terms of payment.

37 On a promissory note or bond payable in installments providing that, in the event of default in the payment of any one or more installments, the entire amount will be due in full. 3 yrs the day default is made, unless where the payee or obligee waives the benefit of the provision and then when fresh default is made in respect of which there is no such waiver.
38 On a promissory note given by the maker to a 3rd person to be delivered to payee after a certain event happens. 3 yrs When the delivery is made to the payee.
39 On Dishonoured foreign bills that have been protested and notified. 3 yrs The date the notice is given.
40 By Payee of a dishonoured bill of exchange which has not been accepted by the drawer. 3 yrs The date acceptance is refused.
41 By The person who accepts an accommodation bill against a drawer. 3 yrs The date/day the acceptor pays the amount of the bill.
42 against the principal debtor By a surety . 3 yrs The date/day the surety pays the creditor.
43 Against a co-surety by a surety. 3 yrs The date/day the surety pays anything in excess of his own share.
44 a. On a policy of insurance when the insured sum is payable after death proof has been given to or received by the insurers. 3 yrs The date of the death of the deceased, or 

where the claim on the policy is denied, either partly or wholly, the date of such denial.

b. On a policy of insurance when the insured sum is payable after the ‘loss’ proof has been given to or received by the insurers. 3 yrs The date on which the loss has occurred, or 

where the claim on the policy is denied, either partly or wholly, the date of such denial

45 By the assured to recover premium paid under a policy voidable if the insurers elect to do so. 3 yrs the day the insurers elect to avoid the policy
46 Under the Indian Succession Act, 1925 (section 39 of Act), section 360 or section 361, to compel a refund by a person to whom a legacy or distributed assets has been paid by an executor or administrator. 3 yrs The date of the payment or distribution.
47 A payment made upon an existing consideration that fails later on. 3 yrs The date of the failure.
48 For contribution by a party who has paid the whole or more than his/her share of the money due under a joint decree, or by a sharer in a joint estate who has paid the whole or more than his share of the money of revenue due from himself / herself and his co-sharers. 3 yrs The date of the payment in excess of the plaintiff‟s own share.
49 By a co-trustee to enforce against the deceased trustee’s estate for claim for contribution. 3 yrs The date the right to contribution accrues.
50 By the manager of a joint estate of an HUF for contributing in respect of any payment made     by him or her on the estate’s account. 3 yrs The payment date.
51 For the profits of immovable property which belongs to the plaintiff      but which have      been wrongfully     received by the defendant. 3 yrs The date the profits are received.
52 For any rent arrears. 3 yrs The date the arrears become due.
53 By a vendor of immovable property for personal payment of any unpaid purchase-amount. 3 yrs The time that has been fixed for completing the sale, or (where the title is accepted after the time fixed has been completed) the acceptance date.
54 For the contract’s specific performance. 3 yrs The date which has been fixed for the performance, or, if no such date has been fixed, when the plaintiff has gotten notice that performance is refused.
55 For compensation for the breach of any contract, whether express or implied but not specially provided for. 3 yrs When the contract has been broken or (where there are successive breaches) when the breach in respect of which the suit has been instituted occurs or (where the breach is continuing) when it ceases.

 

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