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CUSTOMER_CODE SMUDE DIVISION_CODE SMUDE EVENT_CODE Jan2017 ASSESSMENT_CODE MA0037_Jan2017 QUESTION_TYPE DESCRIPTIVE_QUESTION QUESTION_ID 42818 QUESTION_TEXT Explain duties of Bailor and Bailee Duties of Bailor: 1. To disclose known facts 2. To bear extraordinary expenses of the bailment 3. Duty to indemnity bailee in case of premature termination 4. To receive back the goods SCHEME OF EVALUATION 5. To indemnify the bailee against defective title Duties of Bailor: 1 To take reasonable care of the goods bailed 2. Not to mix bailor’s goods with his own 3. To return any accretion to the goods 4. To return the goods QUESTION_TYPE DESCRIPTIVE_QUESTION QUESTION_ID 42820 QUESTION_TEXT Briefly explain law relating to Co-operative Banks. SCHEME OF EVALUATION 1. Application of the Negotiable instrument Act 1881 2. provisions of Bankers Book of Evidence Act 1891 3. Recovery of Debt due to Banks and finance Institution Act 1993 4. SARFAESI Act QUESTION_TYPE DESCRIPTIVE_QUESTION QUESTION_ID 42822 QUESTION_TEXT Discuss the consumer protection councils. a. central consumer protection council SCHEME OF EVALUATION b. state consumer protection c. district consumer protection council. QUESTION_TYPE DESCRIPTIVE_QUESTION QUESTION_ID 124151 QUESTION_TEXT Define a Negotiable Instrument. Explain its features. Negotiable Instruments According to Section 13 (1) of the Negotiable Instrument Act, negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer. It is used to transfer a debt from one account to another and from one person to another person. (2 marks) SCHEME OF EVALUATION Features of a negotiable instrument 1. Freely transferable: 2. Title of holder free from all defects 3. Recovery 4. Presumptions (8 marks) QUESTION_TYPE DESCRIPTIVE_QUESTION QUESTION_ID 124154 QUESTION_TEXT Explain the types of Mortgage. Types of mortgage SCHEME OF EVALUATION 1. Simple mortgage - The mortgagor without delivering possession of the mortgaged property agrees to pay the mortgaged money and in case of default of the contract, the mortgagee can sell the mortgaged property towards the payment of mortgage-money. 2. Mortgage by conditional sale - The mortgagor apparently sells the mortgaged property to the mortgagee. Where the mortgagor apparently sells the mortgaged property on condition that (a) on default of payment of the mortgage-money on a certain date the sale shall become absolute (b) if such payment is being made then the sale shall become void and the buyer (mortgagee) shall transfer the property to the seller (mortgagor). 3. Usufructuary mortgage - The mortgagor delivers the possession of the mortgaged property to the mortgagee. a)The mortgagor authorises the mortgagee to retain such possession until payment of the mortgage money. b)To receive the rents and profits arising from the property. c)Appropriate the same towards payment of interest or mortgage money or both. 4. English mortgage a)The mortgagor binds himself to repay the mortgage-money on a certain date, and transfers the mortgage property absolutely to the mortgagee. b)Subject to a condition that he will re-transfer it to the mortgagor upon payment of the mortgage money. 5. Mortgage by deposit of title deeds a)The mortgagor delivers to a creditor or his agent documents of title to immovable property b)With intent to create a security thereon c)The delivery of documents of title is done in a town specified by the state government d)The property given as a mortgage may or may not be situated in notified towns QUESTION_TYPE DESCRIPTIVE_QUESTION QUESTION_ID 124155 QUESTION_TEXT Explain the Documents involved in a securitization transaction. SCHEME OF EVALUATION The documents involved in a securitisation transaction Offer document – The details about the financial asset, the loan details of the bank, the trustee’s details, etc are included. In addition, the quarterly details about profit-loss, prepayments, expenses, defaults, collection, etc are to be furnished. The RBI in its guidelines of 2003 has mentioned about the form of offer and other details to be incorporated therein. Debenture – For acquisition of a financial asset, a debenture is to be issued to the bank or financial institution towards payment of consideration. The interest offered in the debenture cannot be less than 1.5% above the bank rate as on the date of issue of debenture and the period of redemption of debenture cannot exceed eight years. An agreement – It is with the originator to continue to service the assets of the securitisation. Security receipt – It is in favour of the investors. Notice to obligator and discharge of obligation of such obligator – When the financial assets are acquired from a bank or financial institution by the securitisation or reconstruction company, such banks or financial institutions may give a notice about the acquisition to the obligator, i.e., borrower or any other person liable to repay to the bank or financial institution. Issue of such notice is only optional under the Act. In case the obligator is a company, the notice is to be given to the registrar also in case if the bank or financial institution decides to give notice. If notice of acquisition is given to the obligator, it is necessary that the obligator should make payments to the concerned securitisation or reconstruction company. Such payments made by the obligator are deemed to be valid discharge of liability. In cases where the notice of acquisition is not given, the money or property received by the bank or financial institution from the obligator shall be held by such bank or financial institutions in trust and shall be handed over to the concerned securitisation company or reconstruction company. Issue of security receipts and raising of funds – By issue of security receipts, the securitisation or reconstruction company raises funds for acquisition. Only the qualified institutional investor buyers can buy these security receipts. The security receipts are not issued to the public. The investor has to make a lot of risk assessment since the investment and financial market in this field is very complex. Since the individual investor does not possess such expertise or skills, the Act debarred individuals from making investment in security receipts.