What is Limitation period for Suits relating to accounts? Part I of Limitation Act 1963

Limitation period for Suits relating to accounts is defined under Part I of Limitation Act 1963. Provisions under part I are:

Part I of Limitation Act "Suits relating to accounts"

 

 

DESCRIPTION OF SUIT

LIMITATION PERIOD

TIME FROM WHICH PERIOD BEGINS TO RUN
For the balance due on a mutual, open and current account where there have been reciprocal demands between the parties. Three Years The close of the year in which the last item admitted or proved is entered in the account; such year to be computed as in the account.

 
Against a factor for an account Three Years When the account is during the continuance of the agency, demanded and refused or, where no such demand is made, when the agency terminates.

 
By a principal against his agent for movable property received by the latter and not accounted for. Three Years When the account is during the continuance of the agency, demanded and refused or, where no such demand is made, when the agency terminates.

 
Other suits by principals against agents for Three Years When the neglect or misconduct becomes known to the plaintiff.

 
For an account and a share of the profits of dissolved partnership Three Years The date of the dissolution.