https://www.taxtmi.com/caselaws?id=313346 A mutual, open and current account requires reciprocal dealings creating independent obligations on both sides; a loan or overdraft account where one party merely advances money and the other makes only isolated payments does not satisfy that test. On the facts described, the defendants' two small payments, both credited towards interest, did not create mutuality, so the special limitation rule for mutual accounts was inapplicable. The claim for the excess unsecured advance was therefore governed by the ordinary limitation rule and was treated as time-barred under Article 57, with the money decree for that amount unable to stand. en-us Fri, 04 Apr 1941 00:00:00 +0530 Mon, 08 Apr 2024 18:07:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313346 A mutual, open and current account requires reciprocal dealings creating independent obligations on both sides; a loan or overdraft account where one party merely advances money and the other makes only isolated payments does not satisfy that test. On the facts described, the defendants' two small payments, both credited towards interest, did not create mutuality, so the special limitation rule for mutual accounts was inapplicable. The claim for the excess unsecured advance was therefore governed by the ordinary limitation rule and was treated as time-barred under Article 57, with the money decree for that amount unable to stand. Case-Laws Indian Laws Fri, 04 Apr 1941 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313346