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prashanti reddy   15 July 2019

lending loan

my friend has borrowed an amt.of 6 lacs on november 6th 2014 . He has written promisory notes and written that if he failed to pay that amt he was ready to accept any action from the borrower and kept 3 acres of land as guarantee for the amount.
now is it valid for the borrower to claim the land as this is the 4th year from the amount taken??


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 3 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     15 July 2019

Ask money recovery through a written notice

Elango   16 July 2019

You can take a Legal action for recovery if a debt is with in 3 years from the date of last payment done by a borrower, beyond that it will be a time barred debts, no action can taken against borrower, pronote validity is dead.. Share details at elangovan.legal@gmail.com

Sudhir Kumar, Advocate (Advocate)     17 July 2019

Mortgage is merely written or registered as well.

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