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TIME LIMIT FOR TAKING ACTION
AFTER NOTICE IS SERVED
The secured creditor can take action any time after the expiry
of 60 days notice. There is no time limit. However action must be
taken within reasonable time. The notice cannot be said to be perpetually
valid. If the creditor does any act which is contrary to the intention
of notice (e.g. reschedules loans or gives further time for repayment),
it can be said that the notice has abated and no action can be taken
against such notice.
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only. The information presented at this site should not be construed to be formal
legal advice nor the formation of a lawyer/client relationship. Persons accessing
this site are encouraged to seek independent counsel for advice regarding their
individual legal issues or consult one of the experts online.
