Section 18 of LA : Section 18: Effect Of Acknowledgment In Writing
LA
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Explanation using Example
Imagine that Ravi lent Rs. 100,000 to Arjun on January 1, 2010, with an agreement that Arjun would repay the loan by December 31, 2012. The limitation period for Ravi to file a suit to recover the money is three years from the due date, which means he has until December 31, 2015, to file a lawsuit. However, Ravi does not take any legal action within this period.
On November 15, 2015, just before the l...
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