Acknowledgement - Indian Laws - General

Acknowledgement According to Black s Law Dictionary an Acknowledgement means as under: TO acknowledge is to admit, affirm, declare, testify, avow, confess or own as genuine, Favello v. Bank of America Nat. Trust Savings Assn, 24 Cal App. 342, 74 P. 1057. Admission or affirmation of obligation or responsibility. Weyerhaeuser Timber Co. v. Marshall, C.C.A. Wash., 102 F. 78. (sic.) states have adopted the Uniform Acknowledgement Act. THE debtor s acknowledgement of the creditor s debt and or right of action that will revive the enforceability of a debt barred by the statute of limitations. Part payment of obligation which tolls statute of limitations is a form of acknowledgement of debt . According to stroud s Judicial dictionary Acknowledgement means as under: an acknowledgement , in writing of a debt......so as to take such debt out of the Limitation Act..... (1) must admit that debt is due, and (2) promise, or justify the inference of promise, of payment unconditionally, or (if conditionally) it must be shown that the condition has been accomplished.... A statement in a balance sheet presented to a creditor-shareholder of a Company and signed by the Directors or their agents is sufficient acknowledgement An acknowledgement of a Deed , or Speciality, by writing or part payment or part satisfaction (Civil Procedure Act, 1833 (c. 42), Section 5 will suffice if it contains a clear admission of the speciality debt. DAYA CHAND UTTAM PRAKASH JAIN- [ 1997 (3) TMI 623 - DELHI HIGH COURT ]