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Under the Limitation Act, 1963 Schedule, what is the maximum period of limitation prescribed by the Act, and for which three kinds of suits?
Answer & Solution
Correct answer: A.
1. The ICSI text records: **'The maximum period of limitation prescribed by the Limitation Act is 30 YEARS and it is provided only for THREE KINDS of suits:'**
2. (1) **Suits by MORTGAGORS for the redemption or recovery of possession of immovable property mortgaged** (Article 61(a));
3. (2) **Suits by MORTGAGEE for FORECLOSURE** (Article 63(a));
4. (3) **Suits by or on behalf of the Central Government or any State Government including the State of Jammu and Kashmir** (Article 112).
5. A period of **12 years** is prescribed for various kinds of suits relating to immovable property, trusts and endowments. **3 years** for accounts, contracts, declaratory suits, suits relating to decrees and instruments, and movable property.
_Source: ICSI CS Executive — Lesson 7, 'Classification of Period of Limitation', p. 171._
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