Vehicles with defaulted installments cannot be seized if owner objects

State Minister for Finance Mr. Ranjith Siyambalapitiya has said in Parliament that banks and financial institutions can seize vehicles over default in leasing payments, only if there is no objection from the owner.

The State Minister also mentioned that it is not the Parate execution that is implemented to seize vehicles in this manner. The Minister emphasized that under Parate execution, a bank or a financial institution can repossess a property only if the relevant loan amount exceeds 05 million rupees.

(Source : Lankadeepa)