Asked in Recovery
Dear Client, The period prescribed in the respective provision as the limitation for requesting a trial in a particular case to recover a loan may vary depending on the jurisdiction and the type of case you would like to make. You made the statement that you gave a loan to your relative, it is important to know that extending a loan is more of a civil matter than a criminal matter unless of course there are vices such as fraud or misrepresentation involved causing the act to be prosecutable under the conventional criminal charges. As you advanced the loan on July the 15th, 2021, and gave a legal notice in may of the year 2024, it is high time for you to act so that your rights and interest are safeguarded. If a person told you that you have up to the 15th of July, 2024, to file the case, they most probably indicated the date that your statute of limitations expires in your case. Which is 3 years (according to limitation statute) However, in most circumstances, if the statute of limitations had run out, you stand to forfeit the legal means of collection through the court. Thus, it is of great importance to file a law suit within the above stipulated period so as to sustain a case. Regarding the choice between a civil or criminal legal action, this depends on the situation concerning a certain loan as well as on the existence of criminal laws or not. If nonpayment of the loan is some violation of the contract or other civil wrong, then the correct course of action would be a civil action to recover the debt. However, if there are accusations of fraud, embezzlement, or any unlawful act, you may need to report these findings to the police and other relevant. It’s recommended to consult an advocate who would be able to review the circumstances or the case and give advice tailored to the situation and legislation under which it is filed.
Within 3 years of limitation you have to File suit for recovery of money in court through lawyer.
There's a limitation of 3 years that is provided under law within which you can file a recovery suit to claim your money back. You can also claim it after that but for that you need to file a separate condonation application along with the recovery suit. But there is no limitation of doing a criminal case against him. You can always draft a complaint regarding your grievances and address it to the police station according to your jurisdiction. For more legal assistance I am just a call away.
Download the Vkeel app, which makes things easier as you can keep everything handy in your phone. You can book consultation with selected Lawyer.
Download Vkeel App