When is the deadline for claim based on failure to repay a demand loan - two years from default after demand?
The catalogue records a 2 years period from Day default in repayment occurs after the demand for repayment is made. This draft page remains free only until its source, worked example and limits are reviewed.
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Calculation basis and source
- Period
- 2 years
- Trigger
- Day default in repayment occurs after the demand for repayment is made
- Counting
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- Rollovers and holidays
- Holiday, closure and order treatment must be independently documented before publication.
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- NONE by judicial order. Section 16(a) removes reliance on the s 11(b) longstop on wilful concealment. Section 18(1) suspends the s 11(a) period during incapacity. Never compute an extension.
- Added on verification: missing from the researched catalogue. The fifteen-year longstop in s 11(b) runs from the day the LENDER IS FIRST ENTITLED to demand repayment, not from the demand, so a demand loan can be statute barred before any demand is ever made.