Question
Which of the following are considered primary securit y
in the context of CGTMSE? i. Assets created out of the credit facility ii. Unencumbered fixed assets like l an d, building , factory , associated with the project of the borrowing unit iii. Proprietors’ personal guarantee iv. Personal guarantee of spouse of proprietorSolution
Primary security is the asset created out of the credit facility extended to the borrower and / or which are directly associated with the business / project of the borrower for which the credit facility has been extended. Example: Land, Plant & Machinery or any other business property in the name of a proprietor or unit, if unencumbered, can be taken as primary security. The personal guarantee is also a primary security in following cases:
- I n case the constitution of the borrower is proprietary or partnership, the personal guarantee of proprietor/ partner is treated as primary security .
- Personal guarantee of directors, where borrower constitution is a company is treated as primary security .
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