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Under the Schedule to the Limitation Act, 1963 (Article 19), a suit for money payable for money lent has a limitation period and a trigger event. What are they?
Answer & Solution
Correct answer: B.
1. **Article 19** of the Schedule covers '**suits for money payable for money lent**'.
2. The period of limitation is **THREE YEARS**.
3. The time from which the period begins to run is '**When the loan is made**'.
4. Compare with Article 21 (money lent under an agreement that it shall be payable on demand) — also 3 years, also from when the loan is made; and Article 22 (money deposited under an agreement that it shall be payable on demand) — 3 years from when the demand is made.
_Source: ICSI CS Executive — Lesson 7, Annexure Article 19, p. 161._
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