section 3
Duty of creditor to maintain accounts and give receipts
The Tamil Nadu Debtors' Protection Act, 1934Finance193410 sections
Statutory text
- (1) Every creditor shall-
- (a) regularly record and maintain or cause to be recorded and maintained, an account showing for each debtor separately-
- (i) the date of the loan, the amount of the principal of the loan, and the rate per cent per annum of interest charged on the loan; and
- (ii) the amount of every payment received by the creditor in respect of the loan, and the date of such payment;
- (b) give to the debtor or his agent, a receipt for every sum paid by him, duly signed and if necessary, stamped at the time of such payment; and
- (c) on requisition in writing made by the debtor, furnish to the debtor or, if he so requires, to any person mentioned by him in that behalf in his requisition, a statement of account signed by himself or his agent showing the particulars referred to in clause
- (a) and also the amount which remains outstanding on account of the principal and of interest and charge such sum as the State Government may prescribe as fee therefor.
- (a) regularly record and maintain or cause to be recorded and maintained, an account showing for each debtor separately-
- (2) Notwithstanding anything contained in the Indian Evidence Act, 1872, a copy of the account referred to in clause
- (a) of sub-section
- (1) certified in such manner as may be prescribed, shall be admissible in evidence in the same manner and to the same extent as the original account.
- (3) A person to whom a statement of account has been furnished under clause
- (c) of sub-section
- (1) and who fails to object to the correctness of the account shall not by such failure alone be deemed to have admitted the correctness of such account.
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