Fri. Sep 25th, 2020

PART I – Suits Relating to Accounts

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PART I – Suits Relating to Accounts

SL. NO.

DESCRIPTION OF SUIT

PERIOD OF LIMITATION

TIME FROM WHICH PERIOD BEGINS TO RUN

1.

For the balance due on a mutual, open and current account where there have been reciprocal demands between the parties.

Three years

The close of the year in which the last item admitted or proved is entered in the account; such year to be computed as in the account.

2.

Against a factor for an account

Three years

When the account is during the continuance of the agency, demanded and refused or, where no such demand is made, when the agency terminates.

3.

By a principal against his agent for movable property received by the latter and not accounted for.

Three years

When the account is during the continuance of the agency, demanded and refused or, where no such demand is made, when the agency terminates.

4.

Other suits by principals against agents for

Three years

When the neglect or misconduct becomes known to the plaintiff.

5.

For an account and a share of the profits of dissolved partnership

Three years

The date of the dissolution.

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