TF FINANCIAL SERVICES V. FBY PHARMACEUTICALS & ANOR

RULING

MENSAH-HOMIAH (MRS.) J.

It is provided under section 4 (1) (b) of the Limitations Act 1972, NRCD 54 that:

4. Actions barred after six years

(1) A person shall not bring an action after the expiration of six years from the date on which the cause of action accrued, in the case of

(b) an action founded on simple contract.

It is also provided under section 19 (1) (a) of NRCD 54 that:

19. Fresh accrual on part payment

(1) For the purposes of this Act, the right of action accrued on, and not before, the date of the payment,

(a) where a right of action has accrued to recover a debt, and the person liable for the debt makes a payment in respect of the debt; but for the debt for the purposes of this provision payment of interest in whole or in part shall be treated as a payment in respect of the principal debt.

BACKGROUND FACTS.

The Plaintiff is a Limited Liability Company which grants business and consumer loans. The 1^st Defendant is a Registered Pharmaceutical Company who is alleged to have…