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Report No. 63

2A.11. Katyayana.-

The text of Katyayana (which is the last portion of a larger text1), deals with three classes of debtors-

(1) a debtor who goes abroad without repaying his debt;

(2) a debtor who goes abroad after demand of repayment made by his creditor; and

(3) a debtor who resides in his own country and yet does not pay after demand.

Katyayana here provides for cases where a debtor has taken a loan called Yachitika (payable on demand), and goes abroad before a demand is made, (there being no contract for payment of interest). In such cases, interest will run after the expiry of a year, and where a demand has been made before the debtor's departure, the debtor is allowed a free grace of three months whereafter interest begins to. run. In the case of the first class, interest runs after a year; in the case of the second, interest runs after three months; in the case of the third2, interest, literally, according to the text, begins to run "from that time".

1. See (a) V.N. Mandlik Hindu Law or Vyavhar Mayukh, p. 103, lines 11 to 20. (b) Stokes, Hindu Law Books, pp. 111-112.

2. See Saundanappa v. Shivabasappa, 1907 ILR 31 Born 354 (360 to 363).



Interest Act, 1839 Back




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