MONEYLENDERS ACT (NORTHERN IRELAND) 1933 - SECT 13 Limitation of time for proceedings in respect of money lent by moneylenders.

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MONEYLENDERS ACT (NORTHERN IRELAND) 1933 - SECT 13

Limitation of time for proceedings in respect of money lent by moneylenders.

13.(1) No proceedings shall lie for the recovery by a moneylender of any money
lent by him after the commencement of this Act or any interest thereon, or for
the enforcement of any agreement made or security taken after the commencement
of this Act in respect of any loan made by him, unless the proceedings are
commenced before the expiration of twelve months from the date on which the
cause of action accrued:

Provided that

(a)if during the period of twelve months aforesaid or at any time within any
subsequent period during which proceedings may by virtue of this proviso be
brought, the debtor acknowledges in writing the amount due and gives a written
undertaking to the moneylender to pay that amount, proceedings for the
recovery of the amount due may be brought at any time within a period of
twelve months from the date of acknowledgement and undertaking;

(b)the time limited by the foregoing provisions of this section for the
commencement of proceedings shall not begin to run in respect of any payments
from time to time becoming due to a moneylender under a contract for the loan
of money until a cause of action accrues in respect of the last payment
becoming due under the contract;

(c)if at the date on which the cause of action accrues or on which any such
acknowledgement and undertaking as aforesaid is given by the debtor, the
person entitled to take the proceedings is non compos mentis, the time limited
by the foregoing provisions of this section for the commencement of
proceedings shall not begin to run until that person ceases to be non compos
mentis or dies, whichever first occurs;

Para.(d) rep. by 1958 c.10 (NI) s.75 sch.

(2)[Without prejudice to the powers of a court under section one of the
Moneylenders Act, 1900,] if at the time when proceedings are taken by a
moneylender in respect of a default in the payment of any sum due to him under
a contract for the loan of money, any further amount is outstanding under the
contract but not yet due, the court may determine the contract and order the
principal outstanding to be paid to the moneylender with such interest
thereon, if any, as the court may allow up to the date of payment.

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Northern Irish Legislation

MONEYLENDERS ACT (NORTHERN IRELAND) 1933 - SECT 13