Sarfeasi
THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ENFORCEMENT OF SECURITY INTEREST ACT 2002
Definition
Borrower any person who has been granted financial assistance by bank or who has given guarantee or created mortgage or pledge as security to the bank in respect of any loan, who becomes borrower of a securitisation company or the reconstruction company consequent to acquisition by it.
Property (i) Immovable property (ii) movable property (iii) any debit or right to receive payments of money whether secured or unsecured (iv) receivables whether existing or future (v) intangible assets being knowhow, patent copyright,trade mark, license,franchise or any other business or commercial right of similar nature.
Authroised Officer As per SARFAESI rules Authorised Officer means an officer not less than a Chief manager (Scale IV) of the bank.
Appropriate Authority The controlling authority from whom permission is to be obtained by a branch for proceeding under SARFAESI Act is mentioned as Appropriate Authority.
Secured Creditor Secured creditor means the bank. In case of consortium accounts secured creditors means the consortium or group of Banks / Financial institutions
Security Interest Security Interest means right, title and interest of any kind upon property created in favour of the secured creditor and includes any mortgage, charge, hypothecation or assignment.
Demand Notice Section 13(2)
Before initiating action under SARFAESI Act it is to be ensured that the secured assets are properly identified. Once permission from Appropriate Authority is obtained the Authorised officer can initiate action under SARFAESI Act.
While initiating action under SARFAESI act against borrower a notice in writing (demand Notice) to discharge in full his liabilities within sixty days from the date of notice to be issued under Sec.13(2) by secured creditor or Authorised officer endorsing copies to guarantor/co-obligant / third party mortgagor.
When
Definition
Borrower any person who has been granted financial assistance by bank or who has given guarantee or created mortgage or pledge as security to the bank in respect of any loan, who becomes borrower of a securitisation company or the reconstruction company consequent to acquisition by it.
Property (i) Immovable property (ii) movable property (iii) any debit or right to receive payments of money whether secured or unsecured (iv) receivables whether existing or future (v) intangible assets being knowhow, patent copyright,trade mark, license,franchise or any other business or commercial right of similar nature.
Authroised Officer As per SARFAESI rules Authorised Officer means an officer not less than a Chief manager (Scale IV) of the bank.
Appropriate Authority The controlling authority from whom permission is to be obtained by a branch for proceeding under SARFAESI Act is mentioned as Appropriate Authority.
Secured Creditor Secured creditor means the bank. In case of consortium accounts secured creditors means the consortium or group of Banks / Financial institutions
Security Interest Security Interest means right, title and interest of any kind upon property created in favour of the secured creditor and includes any mortgage, charge, hypothecation or assignment.
Demand Notice Section 13(2)
Before initiating action under SARFAESI Act it is to be ensured that the secured assets are properly identified. Once permission from Appropriate Authority is obtained the Authorised officer can initiate action under SARFAESI Act.
While initiating action under SARFAESI act against borrower a notice in writing (demand Notice) to discharge in full his liabilities within sixty days from the date of notice to be issued under Sec.13(2) by secured creditor or Authorised officer endorsing copies to guarantor/co-obligant / third party mortgagor.
When