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      Question

      How long is the mandatory written notice period that a

      bank must serve to a borrower under SARFAESI before enforcing its security interest?
      A 30 days Correct Answer Incorrect Answer
      B 45 days Correct Answer Incorrect Answer
      C 60 days Correct Answer Incorrect Answer
      D 90 days Correct Answer Incorrect Answer
      E 120 days Correct Answer Incorrect Answer

      Solution

      The bank must send a written 60-day notice to the borrower asking them to repay the full outstanding amount before taking further action.

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