Limitation Act 1980 · Part I Ordinary Time Limits for Different Classes of Action

6 Special time limit for actions in respect of certain loans.

s. 6 · in force: yes

Captured statutory text (L5)

6 Special time limit for actions in respect of certain loans.

(1)Subject to subsection (3) below, section 5 of this Act shall not bar the right of action on a contract of loan to which this section applies.

(2)This section applies to any contract of loan which—

(a)does not provide for repayment of the debt on or before a fixed or determinable date; and

(b)does not effectively (whether or not it purports to do so) make the obligation to repay the debt conditional on a demand for repayment made by or on behalf of the creditor or on any other matter;

except where in connection with taking the loan the debtor enters into any collateral obligation to pay the amount of the debt or any part of it (as, for example, by delivering a promissory note as security for the debt) on terms which would exclude the application of this section to the contract of loan if they applied directly to repayment of the debt.

(3)Where a demand in writing for repayment of the debt under a contract of loan to which this section applies is made by or on behalf of the creditor (or, where there are joint creditors, by or on behalf of any one of them) section 5 of this Act shall thereupon apply as if the cause of action to recover the debt had accrued on the date on which the demand was made.

(4)In this section “promissory note” has the same meaning as in the Bills of Exchange Act 1882.

Full captured verbatim text

(1) Subject to subsection (3) below, section 5 of this Act shall not bar the right of action on a contract of loan to which this section applies.

(2) This section applies to any contract of loan which—

(a) does not provide for repayment of the debt on or before a fixed or determinable date; and

(b) does not effectively (whether or not it purports to do so) make the obligation to repay the debt conditional on a demand for repayment made by or on behalf of the creditor or on any other matter;

except where in connection with taking the loan the debtor enters into any collateral obligation to pay the amount of the debt or any part of it (as, for example, by delivering a promissory note as security for the debt) on terms which would exclude the application of this section to the contract of loan if they applied directly to repayment of the debt.

(3) Where a demand in writing for repayment of the debt under a contract of loan to which this section applies is made by or on behalf of the creditor (or, where there are joint creditors, by or on behalf of any one of them) section 5 of this Act shall thereupon apply as if the cause of action to recover the debt had accrued on the date on which the demand was made.

(4) In this section “promissory note” has the same meaning as in the Bills of Exchange Act 1882.

What this provision means

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Refers to

cross-reference internal_cite · s. 5

Referred to by

cross-reference internal_cite · Sch. 2 para. 5

Part summaries

0 of 0 parts have a verified summary.

L1 unavailable for current verification: the overall summary needs every part verified. Provisions and the verified summaries remain readable.

Verification findings (105)

synthesis coverage: missing/unverified L2 part-I

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synthesis coverage: missing/unverified L2 schedule-3

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Instrument tier unavailable

Change history as published

S. 34 repealed (31.1.1997) by 1996 c. 23, s. 107(2), Sch. 4; S.I. 1996/3146, art. 3

Sch. 3 para. 1 repealed (27.4.1997) by 1997 c. 2, ss. 4(2), 5(2)(3), Sch. 2 Pt. II

Pending effects amendments not yet applied to this text

s. 14(1B) word inserted by Automated Vehicles Act 2024 Sch. 2 para. 3 · Effective date unknown · s. 14

Act applied by Digital Markets, Competition and Consumers Act 2024 s. 234(4) · Effective date unknown

s. 33A continued by Northern Ireland Troubles (Legacy and Reconciliation) Act 2023 Sch. 10 para. 2(11)(a) · Effective date unknown · s. 33A

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument: uk:ukpga/1980/58
Part: Part I Ordinary Time Limits for Different Classes of Action
Version: 95ea01ee2fdcdf94309087a7…
Content hash: sha256 431f923d0298fceeee762a4a…
Source: legislation.gov.uk/ukpga/1980/58