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what is limitation for filing recovery of ceased earnest money in auction ?

money ceased of bidder in auction for non payment of remaining amount. What is limitation and appropriate remedy for reclaiming earnest money?

Quick Summary

If your earnest money has been ceased in an auction due to non-payment of the remaining amount, the general limitation period for recovery is three years. It's crucial to review the auction's terms and conditions to ensure your deposit hasn't been forfeited. For specific details on limitation periods for different types of property, consult the schedule within the Limitation Act.

2 Replies

Real Soul.... (LEGAL) 21 April 2020

You should look up in Terms and Conditions of bidding document. Just be sure that your earnest money is not forfieted as per the situation expalined.

If under general recovery of money then the Limitation period is ;

3 years.

1 Like

LCI Thought Leader Raghav Arora 22 April 2020

3 Years generally. Its a movable prop. For limitation periods of different props refer to the schedule behind the limitation act!

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