IDBI-B12-T2-BL-Revision

Banks prefer partnership firms, which are registered, for the purpose of giving loans as:

• The firm can enter into contracts with third parties freely 

• Banks cannot sue the firm in case of over dues

• The firm can sue others for recovery of its dues and this enhances the repaying capacity of the firm

Maximum penalty under RTI Act for delay in providing information is

Rs 25,000

• No penalty

• Rs.2500/-

• Rs.25000/-

Banker's lien is...........................

• General lien

• Specific lien

• Not a lien at all

One of the Designated Partners under a Limited Liability Partnership should be …...........................

• A non-resident

• Promoter of the LLP

• A resident of India

Period of limitation refers to......................... 

• Period within which legal remedy can be sought in respect of a debt

• Period within which the liability of the borrower is valid

• Period within which the obligation of the borrower remains

Under English mortgage, the property is transferred to the mortgagee as ..............

• A conditional sale

• An absolute sale

• Only physical possession happens

One of the following is NOT an essential requirement of a contract........

• Legal objective

• Free consent

• Consideration

When the guarantor clears the liability of Principal Borrower in the Bank and claims the securities lodged with the Bank, ..........................

• The right of subrogation permits the same

• If the securities are the property of guarantor, it can be parted with.

• All securities can be given to the guarantor based on the right against the creditor

One of the following persons can be called as a “holder‟ under the Negotiable Instruments Act, 1881. Identify

• M, who finds a cheque payable to bearer on the road and retains it.

• X who obtains a cheque drawn by Y by way of gift.

• B, the agent of C, is entrusted with an instrument without endorsement by C, who is the payee

RTI Act 2005 does not cover one of the following entities. Idenitfy

• Foreign banks

• State Governments

• Public Sector banks