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Limitation Act 1980: Difference between revisions
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*'''Tort''': An action founded on tort shall not be brought after the expiration of '''six years''' from the date on which the cause of action accrued: Section 2. | *'''Tort''': An action founded on tort shall not be brought after the expiration of '''six years''' from the date on which the cause of action accrued: Section 2. | ||
*'''Contract''': Claims on a [[simple contract]] are limited to '''six years''' from the date the [[cause of action]] accrued: Section 5. | *'''Contract''': Claims on a [[simple contract]] are limited to '''six years''' from the date the [[cause of action]] accrued: Section 5. Where — Section 6 — it was a [[contract of loan]] without a defined repayment date — for example, we think, a [[deposit]] — then (contrary to popular wisdom and ancient cases<ref>{{cite1|Re Brown’s Estate|1893|2Ch|300}}</ref>) the cause of action does not accrue immediately upon deposit, but only upon a demand in writing for your money back. Hence the problem banks have with “gone away” clients to whom it still owes money. This money can be trapped indefinitely on the balance sheet, since there is no one there to demand it, so a limitation period never begins to run. Hence the [[Dormant Bank and Building Society Accounts Act 2008]] regime where banks can transfer the cash (and associated liability) away to charitable purposes. | ||
*'''Defamation and malicious falsehood''': no such action shall be brought after the expiration of '''one year''' from the date on which the cause of action accrued. | *'''Defamation and malicious falsehood''': no such action shall be brought after the expiration of '''one year''' from the date on which the cause of action accrued. | ||
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{{simplecontract}} | {{simplecontract}} | ||
This was designed to ameliorate the [[common law]] position | This was designed to ameliorate the [[common law]] position from difficult cases like {{cite1|Re Brown’s Estate|1893|2Ch|300}}, that a [[loan]] repayable on demand or without a specific repayment date is treated as being repayable immediately, and the [[limitation period]] runs from the day it is advanced. This is an utterly bonkers decision, by the way. It means if you ask for repayment on the day before the limitation period kicks in you must immediately launch court proceedings to recover it. | ||
Anyway, all fixed now: If you don’t have an obligation to repay the money at a particular time, absent a demand, the [[limitation period]] only starts to run from the date of demand. | Anyway, all fixed now: If you don’t have an obligation to repay the money at a particular time, absent a demand, the [[limitation period]] only starts to run from the date of demand. | ||