| Citation(s) |
|---|
| 1990 SLG 1235 1990 SLD 1235 1990 PLD 111 |
Lahore High Court
C.O.S. No. 18 and P.L.A.No. 53-11 of 1987, heard on 14th November 1989
M. MAHBOOB AHMAD, J
CH.Muhammad Shafi for Plaintiff. Sh. Maqbool Ahmad for Defendants Nos. 1, 2, 3, 6 and 7
C.O.S. No. 18 and P.L.A.No. 53-11 of 1987, heard on 14th November 1989
M. MAHBOOB AHMAD, J
CH.Muhammad Shafi for Plaintiff. Sh. Maqbool Ahmad for Defendants Nos. 1, 2, 3, 6 and 7
Messrs UNITED BANK LTD.--Plaintiff
VS
Messrs IFTIKHAR AND COMPANY and 6 others----Defendants
Law:
Section:
(a) Banking Companies (Recovery of Loans) Ordinance (XIX of 197).. --- S.6 --- Limitation Act (IX of 1908), Art. 132 read with S.19--~Recovery of -loan --- Suit based on mortgage --- Limitation --- Acknowledgement--- Continuous acknowledgements of debt by debtor were placed on record and last of such acknowledgments was dated 13-11-1986 wherein it w ' as categorically undertaken that the accounts would be, settled by 30th June, 1987 and repayment would commence with effect from March, 1987 --- Suit being based on - mortgage of immovable property would be governed by Art. 132, Limitation Act, I908 which prescribed a period of 12 years for the institution of the suit to be computed from the date when the money sued for became due. (b) Partnership Act (IX of 1932)- --- S.42 --- Death of one of the partners of a firm does not as a rule dissolve the partnership. (c) Partnership Act (IX of 1932)-. --- S.42 --- Banking Companies (Recovery of Loans) Ordinance (XIX of 1979), S.6 --- Dissolution of partnership --- Death of partner --- Effect --- Dissolution not mandatory --- Dissolution of partnership on account of death of a partner is subject to a contract between the partners and is not a mandatory provision to take effect in all eventualities and without exception --- Intention to continue the business in partnership by the surviving partners alongwith the legal representatives of the deceased partner can also be gathered from the conduct of the partners. (d) Banking Companies (Recovery of Loans) Ordinance (XIX of 1979)-- ---S.6 --- Partnership Act (IX of 1932), S.42 --- Death of a partner of a partnership concern --- Conduct of surviving partners --- Where no intimation was ever given to the loaner Bank or for that matter to the general public about the death of the deceased partner or - of the dissolution of the firm; partnership business was continued as such by the surviving partners who also were the legal representatives of the deceased partner and bank account was continued to be operated in the same manner as was done during the life time of the deceased partner, intention of the surviving partners to continue the business partnership notwithstanding the…
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