Limitation period

Querist : Anonymous (Querist) 24 January 2010 This query is : Resolved
I want to know the limitation period to issue notice to Legal Representatve by banks inthe case of gaurantor

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Raj Kumar Makkad (Expert) 25 January 2010
There is no specific limitation period is prescribed for this purpose. Banks or any other creditor/mortgagor have to file sit for recovery within 3 years of the acknowledgment of the debt as per law of limitation so legal notice should be served prior to that period so that after the expiry of the period given in the notice, suit may be filed within limitation of 3 years as mentioned above.

Arvind Singh Chauhan (Expert) 25 January 2010
I do agree with Raj Sir.

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Reposting it because it was marked resolved by mistake