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If the pre-conditions for taking action to enforce security interest
are satisfied, then security interest may be enforced in the following
manner:
The secured creditor can send a written notice to the borrower
to discharge in full his liabilities within 60 days from date of
notice failing which the secured creditor shall be entitled to exercise
all his rights.
The notice shall give details of amount payable by borrower and
the secured asset intended to be enforced by the secured creditor
in the event of non-payment of secured debts by the borrower.
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