Legal Question in Banking Law in India
creation of charge by MPFAC Act 1974, to whom has authority to decide to bank or customer
Asked on 4/20/16, 7:27 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
20.04.2016
Dear Sir / Madam,
If customer is in default, the Bank certainly has the sole authority to create a charge in keeping with the provisos of the MAHARASHTRA PROVISION OF FACILITIES FOR AGRICULTURAL CREDITS BY BANK. ACT, 1974. [ 5 OF 1975]*. 10th March 1975. An Act to make better MPFAC Act, 1974.
Regards,
Answered on 4/20/16, 8:07 am
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