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??
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
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