Section 34
Special Rebate For The Trust
(1) Stamp duty or registration fee shall not be levied to the Trust for the transactions of accepting collateral by causing to execute document from borrowing corporate body or Guarantor or, for transferring the property accepted as collateral in the name of the Trust or in the course of purchasing or selling immovable property by the Trust .
(2) In case all the amounts could not be recovered from the collateral accepted through the document, the Trust, may recover such overdue from the other assets of the borrowing corporate body in accordance with the prevailing law.
(3) Power of Trust over the collateral accepted through the document shall not be terminated only for the reason that the Trust did not initiate any proceeding within the period mentioned in the said document to seize the collateral, or recover the loan.
(4) In a condition of default in installment, the power of Trust to receive interest and additional fee ,or to sell collateral shall not be affected only for a reason that collateral was seized, possessed, given in rent or lease or provided to else in the condition to distribute the profit as per the condition mentioned in the collateral deed.
(2) In case all the amounts could not be recovered from the collateral accepted through the document, the Trust, may recover such overdue from the other assets of the borrowing corporate body in accordance with the prevailing law.
(3) Power of Trust over the collateral accepted through the document shall not be terminated only for the reason that the Trust did not initiate any proceeding within the period mentioned in the said document to seize the collateral, or recover the loan.
(4) In a condition of default in installment, the power of Trust to receive interest and additional fee ,or to sell collateral shall not be affected only for a reason that collateral was seized, possessed, given in rent or lease or provided to else in the condition to distribute the profit as per the condition mentioned in the collateral deed.