Limitation Period for Suits Related to Accounts

Schedule 1 of Limitation Act provides timeline for suits related to Accounts.

Part I of Schedule 1 of Limitation Act contains the details.

Limitation Period for Suits related to account.

1.

Description of Suit : For  the  balance  due  on  a  mutual, open  and  current  account,  where there have been reciprocal demands between the parties

Limitation Period : Three years

Time from which period begins to run : 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.

2.

Description of Suit : Against a factor for an account.

Limitation Period : Three years

Time from which period begins to run : When    the    account    is,    during    the continuance  of  the  agency,  demanded and refused or, where no such demand is made, when the agency terminates

3.

Description of Suit : By  a  principal  against  his  agent  for movable  property  received  by  the latter and not accounted for.

Limitation Period : Three years

Time from which period begins to run : When    the    account    is,    during    the continuance  of  the  agency,  demanded and refused or, where no such demand is made, when the agency terminates.

4.

Description of Suit : Other   suits   by   principals   against agents for neglect or misconduct

Limitation Period : Three years

Time from which period begins to run : When the neglect or misconduct becomes known to the plaintiff.

5.

Description of Suit : For  an  account  and  a  share  of  the profits of a dissolved partnership.

Limitation Period : Three years

Time from which period begins to run : The date of the dissolution.