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Promissory

note and person

PROMISSORY NOTE.—If on demand, the six years begin to run in favour of the maker from the date of the note or from the last instalment paid or acknowledgment given. If there arc several makers of the note there must be an acknowledgment from each one, otherwise the debt will be kept alive only against the maker who has acknowledged the debt or made the payment, and the others will be released. It is advisable always to have a note renewed before the six years are up, so as to avoid any question of release being raised. Where a promissory note on demand is given as collateral security, with a memorandum of deposit, it is also advisable to have it renewed before the six years expire, though in such a case it is possible that the statute might be held to run from the date of demand for payment and not from the date of the note.

If the note is payable at a specified period after demand, or after date, the six years do not commence to run till the day on which the note is due to be paid.

REAL PROPERTY.—Section 1 of the Real Property Limitation Act, 1874, provides : " After the commencement of this Act no person shall make an entry or distress, or bring an action or suit, to recover any land or rent, but within twelve years next after the time at which the right to make such entry or distress, or to bring such action or suit, shall have first accrued to some person through whom he claims : or if such right shall not have accrued to any person through whom he claims, then within twelve \Tars next after the time at which the right to make such entry or distress, or to bring such action or suit, shall have first accrued to the person making or bringing the same." (Sec• MORTGAGE OF LAND, above.)