law: Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
  6. Notice to obligor
  
  and discharge of obligation of such obligor.- 
  1.     
  
    The
  
  bank or financial institution may, if it considers appropriate, give a notice
  
  of acquisition of financial assets by any securitisation company or
  
  reconstruction company, to the concerned obligor and any other concerned person
  
  and to the concerned registering authority (including Registrar of Companies)
  
  in whose jurisdiction the mortgage, charge, hypothecation, assignment or other
  
  interest created on the financial assets had been registered.
  2.     
  
    Where
  
  a notice of acquisition of financial asset under sub-section (1) is given by a
  
  bank or financial institution, the obligor, on receipt of such notice, shall
  
  make payment to the concerned securitisation company or reconstruction company,
  
  as the case may be, and payment made to such company in discharge of any of the
  
  obligations in relation to the financial asset specified in the notice shall be
  
  a full discharge to the obligor making the payment from all liability in
  
  respect of such payment.
  3.       Where no notice of
  
  acquisition of financial asset under sub-section (1) is given by any bank or
  
  financial institution, any money or other properties subsequently received by
  
  the bank or financial institution, shall constitute monies or properties held
  
  in trust for the benefit of and on behalf of the securitisation company or
  
  reconstruction company, as the case may be, and such bank or financial
  
  institution shall hold such payment or property which shall forthwith be made
  
  over or delivered to such securitisation company or reconstruction company, as
  
  the case may be, or its agent duly authorised in this behalf.