AI Structured Summary
Not yet generated for this judgment
Judgment
The liability of the principal debtor in this case arises in respect of each loan on the date of the loan. Article 57 of the second Schedule to the
Indian Limitation Act, XV of 1877, would clearly apply if the suit were brought against him on the footing of the loan. It cannot apply to the suit
against the surety. He becomes liable on his contract of guarantee and not by the mere fact of the loan. It extends to each loan as soon as it is
made and he is liable to be proceeded against as soon as default is made by the principal debtor. The default occurred at once. Time runs against
the surety from each date of default which is the date of each loan. We hold that Article 65 of the second Schedule to Act XV of 1877 applies and
that the suit is barred under that article. We answer the questions accordingly.