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Banks and financial institutions finance the borrower after executing the security documents. On default of the loan, the bank and FI have to initiate recovery action and file suit against the borrower. The recovery act and court only permit action if the claim is within the period of limitation. The limitation act defines the limitation period of various security documents. This Act may be called the Limitation Act, 1963.

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 Period of limitation: It is related to documents that entitle the holder to take action in a court of law. Period of limitation prescribed for any suit, appeal application by the Schedule, and prescribed period means the period of limitation computed by the provisions of this Act;

 Bar of limitation: It defines that, every suit instituted, appeal preferred, and the application made after the prescribed period shall be dismissed although limitation has not been set up as a defense.

 Expiry of the prescribed period when the court is closed: Where the prescribed period for any suit, appeal, or application expires on a day when the court is closed, the suit, appeal, or application may be instituted, preferred, or made on the date when the court reopens.

 Extension of prescribed period in certain cases: Any appeal or any application, other than an application under any of the provisions of Order XXI of the Code of Civil Procedure, 1908, may be, admitted after the prescribed period, if the appellant or the applicant satisfies the court that he had sufficient cause for not preferring the appeal or making the application within such period.