Debt stamp paper agreement crossed 5 years
1 year ago
Dear Sir/Madam, I got to know that money recovery suit is valid for 3 years from the time of debt given. I am the surety person and had to pay the amount with interest because principal debtor not paid a rupee to the lendor.
I heard some where that, if we have any knid of acknowledgement from the principal debtor, again 3 years will be started from the date of acknowledgement. Please confirm if this is valid because we have call recorded acknowledgement from the debtor. I know call recording not legal, but this is the only way to me.
Please suggest if any other way to get my money back legally.
A.Dear Sir,
Yes, but your signature in the capacity of surety also require otherwise the principal borrower only required to be discharge the loan. Your liability no longer continue after three years unless your signature is taken on renewal form.
Yes, but your signature in the capacity of surety also require otherwise the principal borrower only required to be discharge the loan. Your liability no longer continue after three years unless your signature is taken on renewal form.
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A.Dear client, in my humble suggestion, an acknowledgment by a principal-debtor does not bind the surety but such acknowledgements by the principal-debtor also keep the limitation saved against the surety.
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