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Recovery of Secured Debts: Charge, Lien, and Debenture

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Recovery of Secured Debts: Charge, Lien, and Debenture

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Questions and Answers

Where can the application for sale be made to determine whether it should be made to the High Court or Land Administrator?

High Court using Form 16G

High Court using Registry Title

Land Administrator using Form 16G (correct)

Land Administrator using Originating Summons

According to S.256 of NLC, what is the requirement for making an application for sale?

The application must be made within 1 week of the date of order.

The application must be made according to the law related to civil procedure. (correct)

The application must be approved by the chargor.

The application must be made using Form 16H.

What is contained in Form 16H as per S.257(1) of NLC?

Details of the licensed auctioneer appointed by the court.

Conditions for postponement of the sale.

Chargor's approval for the sale.

Reserve price fixed by the Registrar. (correct)

What must the chargee do not less than 1 week before the date fixed for the sale as per S.258(2) of NLC?

Prepare the conditions of sale and deposit the IDT with the court. Signup and view all the answers

When can the court appoint a licensed auctioneer to conduct the sale as per S.259 of NLC?

Upon receiving a request from the chargee. Signup and view all the answers

Who is entitled to attend the enquiry according to S.262 of NLC?

Only the chargor and chargee or their representative. Signup and view all the answers

What happens if the chargee fails to appear at the enquiry as per S.262 of NLC?

Application for order for sale will be dismissed. Signup and view all the answers

S.263 of NLC states that at the end of the enquiry, what action will Land Administrator (LA) take?

LA will order the sale of the land unless there is a cause to contrary. Signup and view all the answers

S.264(1) of NLC states that once an order is made, what must LA do?

LA must serve a copy of Form 16H to all parties involved. Signup and view all the answers

What does the bank/chargee do in the event of default for debts secured by charge?

Foreclose the land by obtaining an order for sale or taking possession Signup and view all the answers

Under what circumstances can the chargee apply for an order for sale?

If the borrower fails to remedy the breach within the time stated in the notice Signup and view all the answers

What does S.254(1) of NLC require in the notice of demand?

Specifying the breach and asking the borrower to remedy it within a specified period Signup and view all the answers

Why are orders for sale made in public auctions according to S.253 – 269 of NLC?

To ensure that the property is sold at the highest price for the benefit of the customer Signup and view all the answers

When can a chargee serve notice of demand in Form 16E according to S.255 of NLC?

If the loan amount secured by the charge is payable on demand Signup and view all the answers

What happens if the borrower fails to remedy the breach within the time specified in the notice according to S.254(2) of NLC?

The whole sum secured by the charge becomes due & payable to the chargee Signup and view all the answers