BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Hypothecation of stock
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Hypothecation of Machinery
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Agricultural Land
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Mortgage of Property
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Detailed explanation-1: -The Supreme Court held that, in SARFAESI proceedings, the burden is upon the borrower to prove that the secured properties are agricultural lands and actually being used as agricultural lands and/or agricultural activities.
Detailed explanation-2: -Methods of Recovery Under SARFAESI Act, 2002 Securitisation is the process of issuing marketable securities backed by a pool of existing assets such as home or auto loans. An asset can be sold after it is converted into a marketable security.
Detailed explanation-3: -There is no point approaching any Senior Official of the said Bank since as per SARFAESI Act, Bank can not take possession of and sell agricultural land as mortgaged property for which they will not mortgage agricultural land.
Detailed explanation-4: -The SARFAESI Act isn’t applicable for: Money or security issued under the Indian Contract Act or the Sale of Goods Act, 1930. Any conditional sale, hire-purchase, lease or any other contract in which no security interest has been created.