87. ABC enterprise a partnership firm had availed a loan of Rs.5 lac for purchase of fixed assets. The firm had 3 partners staying at three different places. So, the loan documents were signed by three partners at three different places on January 12, 2015, January 24, 2015 and January 25, 2015. After availing the loan, there was dispute among the partners resulting in default in repayment of the loan & the account became NPA. As there was no recovery, it was decided to file a suit against the firm & its partners to save the account from becoming time barred. On 15th Jan, 2018, the loan officer was instructed to scrutinize & keep the papers ready for filing the suit. The loan officers opined that suit cannot be filed as the documents have already become time barred on 12th Jan, 2018 as there is no repayment in the account. What will be your decision on the validity of the documents for limitation purpose for filing a suit? A. The loan officer is right, as the limitation begins from January 12, 2015 B. Documents are not valid as these have been executed on different dates at different places C. The loan officers is wrong, the limitation begins from January 25, 2015 & suit can be filed on any date prior to January 25, 2018 D. Refer the matter to ZO for their advice & further course of action 88. Ram Lal and Sons, HUF, is having a current account in your branch operated by Mr. Ram Lal, the Karta. He has 4 major sons A, B, C & D, the coparceners of the HUF with A being the eldest. On death of Mr. Ram Lal, his younger son 'C' approaches the bank with consent letter from B & D to permit him to operate the HUE Account. What will be your stand in this case? A. Operations will be stopped and amount paid to legal heirs B. Eldest among surviving co-parceners 'A' would become Karta automatically and operate the account & C's request will not be accepted C. HUF would be dissolved & reconstituted with C as the Karta as per the consent letter of B & D D. None of the above