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Ans - c
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Which of the following are the requirements for finding a notice?

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a. It must be in writing giving a borrower time of 60 days to discharge the liability.

b. It must specify that secured creditor has right to exercise any action over the assets.
c. It must give details of amount payable by the borrower and the secured assets intended to the
enforced.
d. All the above.
Ans - d
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Which of the following a notice must specify in case of foreclosed loans?

a. It should cover entire loan liability including instalments not due.
b. It should cover entire loan liability including instalments not due.
c. It must mention future interest payable till the date of repayment.
d. All the above.

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Ans - d
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Which of the following are the provisions for joint secured creditors?

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a. Individual secured creditors can not take any action unless such right is agreed upon.
b. Decision will be taken jointly by secured creditors having 75 per cent of liability.
c. The decision take as above.(b) will be binding in all the remaining secured creditors.
d. All the above.
Ans - d
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How the amount received from sale of secured assets would be applied?

a. Payment of cash, changes incurred in taking over the assets and maintaining it.
b. Discharge of due of secured creditor.
c. The remaining amount will be paid to the borrower entitled.
d. In the above manner (a), (b) and (c).
Ans - d
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