Surely there should be a statute of limitations on that. The idea that someone could demand money from me for a mistake they made seven months ago sounds ridiculous, no matter how big the mistake.
The statute of limitations appears to be 6 years [1]. I wonder if anyone has been unjustly enriched and then forced to pay back at the 5 year mark? Would be an interesting case.
there should be a statute of limitations on that. The idea that someone could demand money from me for a mistake they made seven months ago sounds ridiculous
It's six years in the UK.
This is why you should retain six years of bank statements...... and a 'bank error in your favour'? You had better wait six years before you spend the dosh.
[Though to be pedantic, in law you still owe the money, just that after six years without any attempt to reclaim it, the debt becomes legally unenforceable]
When the mistake in question is a sum of money orders of magnitude bigger than what you make in a year, demanding it back in 7 months sounds like the only reasonable thing to do. Especially if it's very clear that you knew it was a mistake, made no honest effort to notify them, and proceeded to spend all of it as fast as you could.
Comments
Surely there should be a statute of limitations on that. The idea that someone could demand money from me for a mistake they made seven months ago sounds ridiculous, no matter how big the mistake.
The statute of limitations appears to be 6 years [1]. I wonder if anyone has been unjustly enriched and then forced to pay back at the 5 year mark? Would be an interesting case.
[1] https://www.tandfonline.com/doi/full/10.1080/09615768.2022.2...
Full-text not accessible but this seems to be discussing Singapore law, not Australia?
It's six years in the UK.
This is why you should retain six years of bank statements...... and a 'bank error in your favour'? You had better wait six years before you spend the dosh.
[Though to be pedantic, in law you still owe the money, just that after six years without any attempt to reclaim it, the debt becomes legally unenforceable]
When the mistake in question is a sum of money orders of magnitude bigger than what you make in a year, demanding it back in 7 months sounds like the only reasonable thing to do. Especially if it's very clear that you knew it was a mistake, made no honest effort to notify them, and proceeded to spend all of it as fast as you could.