A general term

Anil Jain (Querist) 02 April 2008 This query is : Resolved
Dear Experts first of all wishing u a very cheerful coming f/y.

If a person has to take back his money from someone and no legal papaer had been maintained at the time of money lending, then in this case for which time(how long) the lender can sue the borrower for returning money.
(only oral contract has been maintained b/wn them.)

Regds/-
Anil Jain

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Guest (Expert) 02 April 2008
THREE YEARS.

Deepak Rikhari (Expert) 04 April 2008
I am agree with Mr. Sabah. The limitation is three years.

Anil Jain (Querist) 05 April 2008

When agreement is merely oral. how can it be decided i the court of law thatthat person has borrowed money and on which rate?

Anil Jain (Querist) 05 April 2008

Guest (Expert) 07 April 2008
The main purpose of your query was as regards to the period of limitation and nothing else; and I believe I've answered that adequately!

How to establish such a weak case which is essentially lacking in substance is your problem....(you didn't ask us that in your 'original' question or did you?)!

Anyway, as I understand, when the money was lent, the creditor must have applied at least some common sense (orally) in order to get his money back; and the borrower also must have agreed to repay the money under those conditions. If this is so, a promise has been made between them and if the borrower/defaulter admits of this fact in court then a cause of action does lie.

Moreover, I've heard that in the event of a verbal agreement witnesses' testimony can be relied upon.

I hope that answers your question in toto!

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