An acknowledgment is an admission of debt, made in writing and signed by a person regarding his liability, made to the creditor or to some other person on his behalf. The acknowledgment is used for supplying evidence of debt or to extend the period of limitation. There is no specific form for acknowledgment and it may be in any form, so far it expresses the acknowledgment of liability of a debt. The words used in the acknowledgment should indicate the existence of relationship of debtor and creditor and it should be clear that the statement has been made with the intention to admit such relationship. The intention to admit relationship either should be expressly in words or it may be inferred from the words used.
The essential requirements of an acknowledgment are as under:
(1) Acknowledgment should be relating to subsisting liability-The acknowledgment should be relating to subsisting liability. It does not create a new right. The words used in acknowledgment should clearly indicate the relationship of creditor and debtor and the intention to admit such relationship. The intention to admit relationship should either be in express words or can be inferred by implication.
(2)Acknowledgment must be made before the limitation period-The acknowledgment must be made before the limitation period as acknowledgment of time barred debt cannot save limitation. However, a person may execute a fresh bond to pay the time barred debt. An acknowledgment does not imply that the debt was not time barred. The plaintiff has to prove that the acknowledgment was made before the expiry of limitation period.
(3) An acknowledgment should be made by the person liable to pay or an agent duly authorised in this behalf-An acknowledgment should be made by the person against whom such right is claimed or by an agent duly authorised in this behalf. Acknowledgment can be made on behalf of a person under disability, by his lawful guardian, committee or manager or an agent duly authorised by such guardian, committee or manager to sign the acknowledgment. A partner can acknowledge debt on behalf of the firm and an acknowledgment given by him will be good against other partners of the firm. A karta of the Hindu undivided family can acknowledge on behalf of the family and an acknowledgment by the duly authorised agent of the manager of the family, shall be good acknowledgment on behalf of the whole family.
(4) Acknowledgment of liability must be in writing, signed by the party against whom such right is claimed or by his duly authorised agent in this behalf-The acknowledgment of liability must be in writing signed personally by the party against whom such right is claimed or by his duly authorised agent in this behalf.
To constitute acknowledgment of liability, there must be acknowledgment of liability made in writing signed by the party and that too must be before the expiry of the prescribed period and if there is acknowledgment of liability signed by the party against whom such property or right is claimed, a fresh period of limitation starts from the time of acknowledgment of liability.
The essential requirements of an acknowledgment are as under:
(1) Acknowledgment should be relating to subsisting liability-The acknowledgment should be relating to subsisting liability. It does not create a new right. The words used in acknowledgment should clearly indicate the relationship of creditor and debtor and the intention to admit such relationship. The intention to admit relationship should either be in express words or can be inferred by implication.
(2)Acknowledgment must be made before the limitation period-The acknowledgment must be made before the limitation period as acknowledgment of time barred debt cannot save limitation. However, a person may execute a fresh bond to pay the time barred debt. An acknowledgment does not imply that the debt was not time barred. The plaintiff has to prove that the acknowledgment was made before the expiry of limitation period.
(3) An acknowledgment should be made by the person liable to pay or an agent duly authorised in this behalf-An acknowledgment should be made by the person against whom such right is claimed or by an agent duly authorised in this behalf. Acknowledgment can be made on behalf of a person under disability, by his lawful guardian, committee or manager or an agent duly authorised by such guardian, committee or manager to sign the acknowledgment. A partner can acknowledge debt on behalf of the firm and an acknowledgment given by him will be good against other partners of the firm. A karta of the Hindu undivided family can acknowledge on behalf of the family and an acknowledgment by the duly authorised agent of the manager of the family, shall be good acknowledgment on behalf of the whole family.
(4) Acknowledgment of liability must be in writing, signed by the party against whom such right is claimed or by his duly authorised agent in this behalf-The acknowledgment of liability must be in writing signed personally by the party against whom such right is claimed or by his duly authorised agent in this behalf.
To constitute acknowledgment of liability, there must be acknowledgment of liability made in writing signed by the party and that too must be before the expiry of the prescribed period and if there is acknowledgment of liability signed by the party against whom such property or right is claimed, a fresh period of limitation starts from the time of acknowledgment of liability.
Regards
Team, Legal Point Foundation
For any Legal query :
Deepak Miglani Advocate(09958086337, 09215514435,36,37)
deepakmiglani@hotmail.com,legalbuddy@gmail.com
Team, Legal Point Foundation
For any Legal query :
Deepak Miglani Advocate(09958086337, 09215514435,36,37)
deepakmiglani@hotmail.com,legalbuddy@gmail.com
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