Section 31 of the SARFAESI Act carves out several

Solution

Section 31(i) expressly excludes security interest created in agricultural land from the purview of the SARFAESI Act. The full list of exclusions under Section 31 includes: lien on goods/money/security under the Indian Contract Act or Sale of Goods Act; pledge of movables under Section 172 of the Contract Act; security created in aircraft; security in vessels; rights of unpaid seller; properties exempt from attachment under CPC; security interest for financial assets not exceeding Rs.1 lakh; security interest in agricultural land; and cases where amount due is less than 20% of the principal and interest. Agricultural land exclusion is the most commonly examined exclusion in banking law.