Banking · Limitation Act and Debt Acknowledgement
Consider the following statements regarding the Limitation Act, 1963 in banking transactions: Statement I: An acknowledgement of debt under Section 18 must be in writing and signed by the borrower before the original limitation period expires. Statement II: A part payment of principal or interest signed or written by the borrower starts a fresh limitation period from the date of payment. Statement III: The limitation period for filing a suit against a guarantor is always 12 years. Which of the above statements are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II and III
- 2Only II and III
- 3Only I and II✓
- 4Only I
Correct answer
Only I and II
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