acknowledgment

From: A Dictionary of Law | Date: 2002| Author: ELIZABETH A. MARTIN | Copyright information

acknowledgment n.
1. The admission that a debt is due or a claim exists. Under the Limitation Act 1980, a written acknowledgment by a debtor or his agent causes the debt to be treated as if it had accrued on the date of the acknowledgment, provided that the limitation period is still current at that date. The result is that the limitation period of six years for bringing an action to recover the debt runs from the date of acknowledgment, rather than the date on whic...

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