Law: Limitation Act (IX of 1908)

Section: 19

Law: The Transfer of Property Act (IV of 1882)

Section: 58

(a) Limitation Act (IX of 1908), S. 19-Acknowledgement Memorandum relating to deposit of title deeds as security for equitable mortgage reciting ratification of mortgage already effected and also constituting conscious and unconditional acknowledgement of existing and future over-draft loans of creditor bank-Such memorandum, held, a written acknowledgement of liability in terms of S. 19 giving rise to fresh period of limitation starting from date of signing it. [pp. 729, 730]A, B & C et seq Patuakhali Bank Ltd. v. Mohammad Emdad Ali and another P L D 1964 Dacca 144 and Nabadwip Chandra Podder and another v. S. D. Ahmed, Official Receiver P L D 1969 Dacca 529 held not applicable. (b) Transfer of Property Act (IV of 1882), S. 58(f )-Mort gage by deposit of. title deeds-Agreement between parties for title deed. to remain as security for sums advanced and to be advanced in future-Mortgage, in circumstances, to be treated as a single mortgage covering all sums advanced-Limitation in such cases to run from date of last advance-Limitation Act (IX of 1908), S. 19. There can be a mortgage for the purpose of securing money advanced and also to be advanced and if there is a transfer of an interest in specific immovable property, either by a deed, or by deposit of title deeds within the terms of section 58(f ) of the Transfer of Property Act, and if such transfer is made to secure advances already made and to be made, then there is only a single mortgage covering all the advances made both prior to the date of the said transaction and subsequent thereto, and in such a case the period of limitation would run from the date of the last of such advances. (c) Limitation Act (IX of 1908), S. 20 Payment on account of debt-Defendant having taken overdraft from plaintiff Bank by deposit of title deeds by way of equitable mortgage-Defendant making deposits with bank towards loan advanced-Such deposits, held, would attract provisions of S. 20 giving rise to fresh period of limitation from date of last such deposit. JUDGMENT T. H. KHAN, J.-This appeal at the instance of the plaintiff is directed against the judgment and decree of the Subordinate Judge, 1st Court, Chittagong passed…