Hi sir, we given money to a person and he written promissory, unfortunately as my uncle didn�t check the date as he is uneducated and also the borrower saying we will give money in a month whenever we asked. Now It is 3 year 3 months from the date of writing. Is there any way to go legal against him to get back my uncles money.
If a lender did not sue on the promissory note within six years of the date of the loan, the claim was barred by the Limitation Act. Six years was the applicable limitation period. However, the same was not so for promissory notes for contingent loans
If there are dated repayments duly incorporated in the loan, it amounts to acknowledgment of a debt and the limitation period of 3 years counts from that date of repayment with such dated signature. Even otherwise, if there is a commitment in writing stating such promissory note date, the limitation commences from date of such acknowledgment of debt.