Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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francis (CHIEF)     25 November 2013

Urgent please need clarification

SIRS,

I have given a Collateral Security(my property) of Rs.15 lakhs to relative and now i need to cancel the security, what is the formalities for cancelling or get back the same.

Please advice

Thanks



Learning

 2 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     25 November 2013

Once a secured debt is repaid in full, the secured party must, upon written request by the debtor, send a termination statement to the debtor and file a termination statement with all offices that hold the financing statement. A termination statement serves as evidence that the debt has been paid in full. If the debtor makes a written request for the termination statement, the creditor must send the statement within ten days of the date of the request. Even if the debtor does not so request, the secured party must send a termination statement to offices that hold the financing statement within 30 days of the satisfaction of the debt.

francis (CHIEF)     26 November 2013

SIR

IS THERE POSSIBILITY OF CANCELLING THE COLLATERAL SECURITY WITHOUT CLOSING THE LOAN. WHETHER BAN K HAVE RIGHTS TO CHANGE THE COLLATERAL SECURITY OR IF THERE IS ANY LAW PLEASE ADVICE


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