ibps-so 2020 · Question 337 of 351

How is 'default' defined under the SARFAESI Act?

AAn interest or lien created on the property or assets of any person or any of its undertakings, or both, as security, and includes a mortgage
BNon-payment of debt when all or any part or instalment of the amount of debt has become due and payable and is not paid by the debtorCorrect
CA right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured or unsecured
DNone of the above
EAll of the above

Answer: B. Non-payment of debt when all or any part or instalment of the amount of debt has become due and payable and is not paid by the debtor

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Source: IBPS SO Law Officer Mains Memory Based 2020 - Adda247 · memory-based

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ibps-so 2020 · Question 337 of 351

AAn interest or lien created on the property or assets of any person or any of its undertakings, or both, as security, and includes a mortgage
BNon-payment of debt when all or any part or instalment of the amount of debt has become due and payable and is not paid by the debtorCorrect
CA right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured or unsecured
DNone of the above
EAll of the above

Official answer key verified. Detailed explanation coming soon.

Source: IBPS SO Law Officer Mains Memory Based 2020 - Adda247 · memory-based

Practice the full ibps-so 2020 paper

Timed test with all 351 questions, just like the real exam.