Actionable claim being a legal subject, one must have a complete knowledge of this. Also, it is advisable that one seeks help of a professional lawyer. Therefore, this will make the process simple and strong. This article will cover the aspects of this claim so that one understands it better.
Actionable Claim :
Actionable Claim means a claim of any debt or any beneficial interest. Can be in movable property other than the debt. It is secured by mortgage of immovable property. By hypothecation or pledge of movable property. Not in possession, either actual or constructive, of the claimant. Which the Civil Courts recognize as affording grounds for relief. Whether such debt or beneficial interest be existent, accruing, conditional or contingent. This is Actionable Claim as per the section 3 of the Transfer of Property Act, 1882.
This is a definition issued by the Government. To understand it in a simple words we can put it as follows:
Actionable claim means claim or debt for which you take action. Done by approaching the Court for enforcement. Therefore, the claim or debt is recovered. The debt / beneficial interest can be Existent or Accruing or Conditional or Contingent.
Examples of Actionable claim:
Some of the examples are provided for a Clarity of the subject. Examples are as follows:
- Rent Arrears.
- Future Rent.
- Repurchase sold properties.
- Repayable earnest money
- Also, Dividend due
- Policy Amount Due
- Also, Fixed deposit
- Some one owe you money
- Prize money receivable
- Also, Assignment of right of recovery of unsecured debt is actionable claim
Brief on Debt:
Debt is a amount of money given by one person to another. Debtor is under an obligation to pay the money back. Also, when the debt is already due, it is called existing debt. When it is due at present but is to be paid in the future, it is called accruing debt.
When there exists a claim to a certain sum of money but is payable subject to a certain condition, it is called conditional debt. Similarly, when there exists a claim but becomes payable on happening of some event/contingency, it is known as contingent debt.