Money recovery

Querist : Anonymous (Querist) 20 July 2010 This query is : Resolved
I had lent some money to a Person in 2005.I had the signed and duly witnessed agreemnet made on stamp paper with me,which had got misplaced.The person expired in Jan'2007 .Recently,I found the original agreement during house cleaning.When I showed it to son of the person and asked for money,his son flatly refused to entertain me.Already 31/2 years have passed.Can I do something about it?

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A V Vishal (Expert) 20 July 2010
Nearly 5 years have passed since you have given the loan, the life of a promissory note is 3 years, since it is already 3 years since the person is dead it is barred by limitation too. You are at mercy of his heirs, so try to compromise with them and take your money.

S. Bharath (Expert) 20 July 2010
Unless there is some clause in the agreement which prescribes some extended time frame or if there is evidence of some payment made by the deceased person in the intervening period, Vishal's advice rules the case.

s.subramanian (Expert) 20 July 2010
i agree with Bro.Vishal. Better to go in for a compromise and take whatever is given by them than to gamble on a suit before the court of law which will result in sheer waste of time,money and energy.

G. ARAVINTHAN (Expert) 20 July 2010
barred by limitation

Chanchal Nag Chowdhury (Expert) 25 July 2010
U have not stated the terms of your agreement. If it states that the amt. has to be returned by a certain date & the said date is less than 3 years from now, U may proceed to recover your dues,otherwise it is barred by limitation.

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