Daily Email Newsletter (Sign-up Free)

Sec 8, SARFAESI Act 2002: Exemption From Registration Of Security Receipt

Section 8 (Exemption from registration of security receipt) under Chapter II (Regulation of securitisation and reconstruction of financial assets of banks and financial institutions) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 —

Notwithstanding anything contained in sub-section (1) of section 17 of the Registration Act, 1908 (16 of 1908),—

 (a) any security receipt issued by the asset reconstruction company, as the case may be, under sub-section (1) of section 7, and not creating, declaring, assigning, limiting or extinguishing any right, title or interest, to or in immovable property except in so far as it entitles the holder of the security receipt to an undivided interest afforded by a registered instrument; or

 (b) any transfer of security receipts, shall not require compulsory registration.

Extra Notes for Readers

(1) Section 8 of SARFAESI Act, 2002 was modified by the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 (Act 44 of 2016), sec. 3, (w.e.f. 1-Sep-2016).

No comments:

Post a Comment

In comment with "Name/Url" option, only Name is mandatory to be filled.