PART I – Suits Relating to Accounts
2 min readPART 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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