Question Paper IBPS Spl Law Specialist Officer

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[Raman Vij]

Below I am providing you some questions of from question paper of IBPS (Institute of Banking Personnel Selection) Spl Law Specialist Officer and attaching a PDF attachment which has detail information regarding this that you can down load for free:

Under outsourcing of banking services, the customer is to be allowed a time period of _ for lodging complaint with the Ombudsman, if the customer does not get satisfactory response from the bank:
10 days
15 days
30 days
60 days
75 days

“Escrow” is a term used to denote:
negotiability of the instrument
an instrument incomplete in respect of date
an instrument without consideration
conditional delivery of the instrument
None of these

What is the maximum amount of fee payable for filing a Recovery case with the Debt Recovery Tribunal?
Rs.1 lakh
Rs.1,20,000.
Rs.1,50,000.
12% of the debit amount.
None of these.

Which of the following statements, is correct regarding securitization of Asset?
Bank can take possession of Asset and sale itself or it can hand over to Re-construction Company.
Securitised Company can act as secured creditor.
Securitised Company gets all the Right of secured creditor.
All of the above.
None of these.

The unfair Trade Practice includes:
Quality and Quantity
Potency and Purity
Standard and price of goods and services.
All of the above.
None of these.

Which of the following complaints can be lodged with the Banking Ombudsman regarding loans?
Non-charging of interest as per RBI guidelines.
Delay in disposal of loan applications beyond prescribed time limit of RBI.
Not granting the loans as per guidelines.
All of the above.
None of these.

The difference between Sale and Bailment is:
Ownership is transferred to Buyer in the sale.
Buyer has no obligation to return the goods.
In the contract of Bailment- both (1)and (2)are not applicable.
both (1) and (2).
None of these.

Question Paper IBPS Spl Law Specialist Officer

Under outsourcing of banking services, the customer is to be allowed a time period of _ for lodging complaint with the Ombudsman, if the customer does not get satisfactory response from the bank:
10 days
15 days
30 days
60 days
75 days
“Escrow” is a term used to denote:
negotiability of the instrument
an instrument incomplete in respect of date
an instrument without consideration
conditional delivery of the instrument
None of these
What is the maximum amount of fee payable for filing a Recovery case with the Debt Recovery Tribunal?
Rs.1 lakh
Rs.1,20,000.
Rs.1,50,000.
12% of the debit amount.
None of these.
Which of the following statements, is correct regarding securitization of Asset?
Bank can take possession of Asset and sale itself or it can hand over to Re-construction Company.
Securitised Company can act as secured creditor.
Securitised Company gets all the Right of secured creditor.
All of the above.
None of these.
The unfair Trade Practice includes:
Quality and Quantity
Potency and Purity
Standard and price of goods and services.
All of the above.
None of these.
Which of the following complaints can be lodged with the Banking Ombudsman regarding loans?
Non-charging of interest as per RBI guidelines.
Delay in disposal of loan applications beyond prescribed time limit of RBI.
Not granting the loans as per guidelines.
All of the above.
None of these.
The difference between Sale and Bailment is:
Ownership is transferred to Buyer in the sale.
Buyer has no obligation to return the goods.
In the contract of Bailment- both (1)and (2)are not applicable.
both (1) and (2).
None of these.
Which of the following is not the essential of a contract?
Transfer of ownership.
Immediate delivery of the goods.
The contract must satisfy essentials of a valid contract.
Goods must be a movable property.
None of these.
A private company is which:
Restricts the right to transfer its shares.
Limits the number of members to 50.
Restricts the subscription of shares or debentures from the public.
All of the above
None of these.
Which of the following are the duties of a Bailor?
To disclose all the faults and defects in the goods Bailed.
Bailor must compensate the loss to Bailee.
Duty of the Bailor is to make aware the Bailee all the risk factors associated with the goods.
All of the above.
None of these.
The essentials of a valid contract are:
There should be an offer.
Offer must be accepted.
The parties to the consent must have free consent.
All of the above.
None of these.
When a guaranteed loan is repaid by the guarantor the:
guarantor steps in shoes of the bank
securities in possession of creditors will be handed over to him
guarantor is not entitled to the securities
both (1) and (2)
None of these
A minor is competent to endorse an instrument:
Subject to approval of the guardian
without incurring any liability
with the consent of all parties
the statement is not true
None of these
Which of the following statement is correct regarding Bankers Book Evidence Act?
No officer of a Bank can be compelled to produce any Bankers Books unless it is specially ordered by the court.
The above position (1) applies only when Bank is not a party to the case.
An investigating Police officer can compel a Bank officer to produce the Books without court order.
All of the above
None of these
Where is Appellate Tribunal is located?
Thiruvanthpuram
Mumbai
Each State Head Quarter
All of these
None of these
What are the Rights available to a secured creditor?
To sell the Assets.
File application with DRT for recovery of full or remaining dues.
To proceed against the guarantor.
All of the above
None of these
Which of the following Rights of a consumer are protected under consumer protection Act,1986?
The Right to be protected against making of goods which are hazardous of life and property.
The Right against unfair trade practices.
The Right to be assured access to a variety of goods and services at competitive prices.
All of the above
None of these
The complaints which can be lodged with the Banking Ombudsman are:
Delay in providing various services.
Complaints regarding exporters.
Delay in remittance to NRI.
All of the above.
None of these.
Which of the following loan accounts can be referred to Lok Adalat?
All NPA accounts.
Both suit filed and non-suit filed accounts.
Where liability does not exceed Rs.20 lacs.
All of the above.
None of these.
Which of the following statements is correct?
When neither the Bailor nor the Bailee is entitled to any remuneration is called gratitous Bailment.
Where either the Bailee or the Bailor is entitled to remuneration is called non-gratitous Bailment.
Motor car let out for hire is a contract of non-gratitous Bailment.
All of the above.
None of these.
The essential elements of sale are:
There should be a minimum of two parties.
The subject matter of a contract of sale must be goods.
The consideration of sale must be in money.
All of the above.
None of these.
Which of the following is not an advantage of a company?
In case of liquidation shareholders do not get priority in payment.
Transfer of company’s shares provides liquidity.
Members share the profits by the way of dividend.
Company affords better borrowing facilities.
None of these.
Who can be a partner of a firm?
Any person who is competent to contract.
Any adult individual who is of sound mind.
HUF represented by “Karta”.
All of the above.
None of these.
The special category of clients includes:
Politically exposed persons.
Companies offering foreign exchange.
Clients in high risk countries.
All of the above.
None of these.
Which of the following is correct regarding obtaining of information?
A person seeking information has to give in writing.
PIO has to provide information within 30 days.
If information is relating to life or liberty of a person,it will be provided within 48 hours.
All of the above.
None of these.

Question 26-50

The word “verify” in relation to a digital signature signifies:
The initial electronic record was affixed with the digital signature.
It is retained in fact.
Both (1) and (2).
only (1)
None of these.
If one of the joint guarantors pays the dues:
he may claim the respective shares from others
he cannot claim anything from others as the liability is joint and
he has to bear the loss himself
All of the above
None of these
Bank XYZ Limited receives a letter of credit of EURO 20,000 in favour of M/s ABC Exports Pvt Ltd for exports to Germany. After verification of the genuineness of the credit.it is forwarded to the beneficiary through registered letter. Unfortunately,due to political strike, by the time the letter of credit is delivered,its validity period expires. The exporter threatens legal action against the bank:
bank is liable as bank has not handed over the credit in time to the beneficiary.
postal department is liable for the loss and exporter has to take up the matter with the postal department
bank is not liable as it does not assume any liability for the consequences arising out of delay in transit due to actions beyond its control.
bank could persuade the opening bank to extend the validity date so that it is not put to loss
any of the above.
Your branch has received a garnishee order in the name of your customer having saving bank account, with following transactions. Which among these is not subject matter of the garnishee order:
an advice ready for dispatch to another branch after debit to the account in payment of cheque
an advice received for a cheque which was sent in collection from another branch but not credited to the account so far
a cheque sent in clearing,the amount of which has been credited to the account
an amount of Rs.4000 relating to his wife’s account credited by mistake to the account of the customer
all of the above
If the ATM has not dispensed the cash but account has been debited, the dispute regarding such transactions is to be resolved by the banks within?
one week
10 days
12 days
15 days
None of these
A cheque is presented for payment through clearing house but due to certain reasons,it is returned unpaid.The returning memo is enclosed to comply with:
Negotiable Instruments Act
RBI Act
Banking Regulations Act
It is a paractice
RBI clearing House rules.
A company has failed to file particulars of charge for a loan raised from bank and a period of 4 months have already lapsed:
the change can be filed by the company any time by paying penalty
the change can be filed by the company and bank together
the charge can be filed with the permission of Company Law Board,by paying penalty
None of these.
For Term loan the period of limitation is three years from:
Date of documents
Date of default
Date of sanction
Due date of each instalment
Date of default of each instalment
In case the debt is acknowledged after the expiry of limitation period,the limitation period will be:
Extended by another three years from this date
Extended for another three years from date of expiry
extended for 3 years
Not be extended
None of these
Z is reported to have died.Some amount has been deposited by one of the debtors of Z in the bank account of Z.
bank cannot credit the amount
bank can credit the amount
bank can credit the amount with the permission of the nominee or legal heirs.
bank can credit the amount with the permission of court only
None of these
Charge created by a borrower in favour of a secured creditor on movable assets without possession,is known as_ as per provisions of _ Act.
Lien,Indian Contract Act
Assignment,SARFAESI Act
Mortgage,Transfer of Property Act
Hypothecation,SARFAESI Act.
None of these.
Mr.Abhay Lal informs the bank that he signed a cheque as Abhay instead of Abhay Lal,which are his usual signatures.Bank has paid the cheque but the customer claims refund of the amount:
customer cannot seek refund as bank has made the payment as per his mandate
customer can seek refund as the signatures do not tally
customer can seek refund as bank is negligent
the issue can be decided by a court,being a dispute
None of these.
Which of the following confers on the trustees,the power to obtain loan:
Trust deed
Trust deed writer
Beneficiary
Resolution from the trustees
Commissioner of Charity
Under which of the following categories,a contract of insurance is categorized?
contract of agency
contract of guarantee
contract of indemnity
contract of guarantee and indemnity
an actionable claim
A bank branch has received a mail transfer for credit to account of Mr.X who has expired.Which of the following would be the most appropriate option:
the amount would be credited to the account if all particulars tally with the records
the amount would be credited to the account if the legal heirs have no objection
the amount would be credited to the account if survivors, nominees or legal heirs have authorised to do so
the amount would not be credited to the account if survivirs,nominees or legal heirs have not given any authority
3 and 4 both
Which of the following statements is not true with regard to a cheque:
Maximum validity period is 6 months as per provisions of NI Act
cheque written in different handwritings, different inks in different scripts can be paid
where bearer and order both appear on a cheque,the cheque is payable to the bearer
payment of a cheque with forged endorsement is a payment in due course by the paying bank
a non-negotiable ctossed cheque cannot be transferred/endorsed
Mr.X gave a power of a attorney to Y operations of X’s account on Jan 12,2011.Y signed three cheques of Rs.5000 each and dated the cheques as Jan 14,2011 Jan 06,2011 and Jan 31,2011.He however died on Jan 26,2011.The cheques are presented on Feb 12,2011 .Which of the following is not matched in this connection:
cheque dated Jan 14,2011 shall be paid
cheque dated Jan 06,2011 shall be paid
cheque dated Jan 31,2011 shall be returned
All of these
None of these
Under the Ombudsman Scheme for Banks effective from Jan 01,2006,the Ombudsman functions as:
advisor for bank and customer
court for banks and customer
lok adalat for banks and customers
arbitrator between banks and customers
None of these.
Which of the following crossing restricts further endorsements of a cheque and which one takes away the element of negotiation:
general crossing and payee’s account crossing
not-negotiable crossing and payee’s account crossing
payee’s account crossing and not-negotiable crossing
payee’s account crossing and special crossing
not-negotiable crossing and special crossing
Banks maintain secrecy of accounts of their customers as a result of which of the following:
as per provisions of NI Act
as per provisions of Banking Regulation Act
as per contractual obligation under implied contract
as per prevailing practices among banks
as per provisions of RBI Act.
Garnishi order has been received in the name of Mr.X who is associated with the following accounts. Which of these accounts shall be attached:
Cash credit account of XYZ,a partnership firm, where limit is unavailed and X is a partner in the firm.
An overdraft account in the name of “X”.
An account of a Trust where he is a Trustee.
An account styled as ownership of X
None of the above
Which of the following would be a ‘holder for value':
X,getting a gift cheque from Y
Z,getting a cheque from A for sale of goods to A
National Bank, purchasing a cheque from its customer K,under instant credit facility
National Bank,receiving a cheque from its customer for collection
All of the above
What is the time period prescribed by RBI for preservation of records under Prevention of Money Laundering Act and what is the time period during which suspicious transaction report is to be sent within _ days on confirmation:
2 years,15 days
4 years,12 days
5 years,10 days
10 years,7 days
12 years,3 days
As per FEMA 1999,foreign exchange means foreign currenct and include (a) all deposits (b) credits and balances payable in foreign currency (c) any drafts,travellers’ cheques,LCs and Bill of Exchange, payable in foreign currency. Which of the following is correct out of the above:
a and b only
a and c only
b and c only
a,b,c all
None of these
As per amendment to the Prevention of Money Laundering Act, effective from June 01,2009,which of the following is not required to furnish Suspicious Transaction Report to FDI India
Banks
Financial Institutions
Authorised Persons
None of the above
All of these

Specialist Law officer 2013 Paper (SPL-II)
Question 1 to 25

A cheque may be drawn for a maximum period of
three months
six months
one year
forever
None of these
Guarantee is defined
as a contract
to perform the promise or discharge the liability
of a third person in care of his default
All of the above
None of the above
Which of the following committees also recommended the set up of Debt Recovery Tribunals?
Committee on Financial sector reforms
Committee on custom service
Committee on RRBs
All of the above
None of the above
Partnership firm is
the relation between persons
who have agreed to share their of a business
business may be carried on by all or any of them
All of the above
None of the above
As per explanation given in sub clause of 2 (b) of section 35 of Banking Regulation Act. inspection of branches of Indian Banks situated abroad is to be carried out by
Comptroller and Auditor General
Reserve Bank of India
World Bank
Exim Bank
Dept. to Company Affairs
A fraud involving a fake demand draft has taken place in X branch of Canara Bank which has paid this DD, purportedly issued by Y branch. Z branch of Axis Bank had presented this DD in clearing. Which branch will report this fraud
X
Y
Z
All of these
None of these
Borrower has raised an objection to a notice received from the Bank for taking possession of securities under SARFAESI Act.
Bank must justify the possession within 15 days
Bank should send another notice of 30 days
Bank should approach DRT within 7 days
All of the above
None of the above
A cheque is presented for payment through clearing house but due to certain reasons, it is returned unpaid. The returning memo is enclosed to comply with
Negotiable Instruments Act
RBI Act
Banking Regulations Act
It is a paractice
RBI clearing house rules
Evidence means
all statements presented before a court by way witnesses
it is in relation to a matter of fact under inquiry
such statements are called oral evidence
All of the above
None of the above
Which of the following is not a duty of pawner?
To compensate pawnee for extra ordinary expenses
Not to sue pawnee for any default
To meet his obligation on stipulated date
To comply with the terms and conditions of contract
None of the above
What period is available as limitation in case of mortgage?
3 years from date of mortgage
12 years from date of mortgage
12 years from the date when the mortgage money has become due
12 years from date of loan
12 years from date of loan or date or mortgage whichever lower
The maximum number of directors in public limited company can be
8
10
12
15
No limit, but if the number goes beyond 12, Govt. Permission is required
For which among the following instruments, the amount of stamp duty can be different in different states?
Promissory note
Bill of exchange
Money receipt
Guarantee deed
All of these
Clean note policy, has been framed by RBI under the authority vested in it by
RBI Act Section 45
RBI Act Section 35
Banking Regulation Act Section 45
Banking Regulation Act Section 35A
Companies Act Section 125
The endorsement on a cheque is valid for a period of
six months from the date of endorsment
six months from the date of cheque
six months from the date of delivery
All of the above
None of the above
Universal Bank decides to perfer an appeal against the decision of Debt Recovery Tribunal. What is the time period during which this appeal could be field DRAT ?
Within 15 days of the order
Within 30 days of the order passed by DRT
Within 30 days of receipt of the order
Within 15 days of the order passed by the President of DRT
Within 45 days of the receipt of order by the bank
217.The limitation available to the bank for execution of degree is
3 years from the date of receipt of copy of decree
3 years from date of decree
12 years from date of receipt of copy of decree
12 years from date of decree
None of the above
Customer can make appeal against the award of Ombudsman to the Appellate Authority within
45 days of date of award
45 days of date of receipt of award
30 days of date of award
30 days of date of receipt of award
None of the above
Under SARFAESI Act, borrower is required to be given a notice of days by the bank, for taking possession of the security
30 days from date of notice
60 days from date of notice
30 days from date of receipt of notice by the borrower
60 days from date of receipt of notice by the borrower
None of the above
Under which provisions, the RBI has introduced the Banking Regulation Act, 1949?
Section 33 of Banking Ombudsman Scheme
RBI Act, 1934
Consumer Protection Act, 1986
All of the above
None of the above
A cheque is payable on
demand
24 hours after presentation
happening of certain event
a fixed future date
None of the above
Public seeking information under section 6 (1) of the Right to Information Act (RIA) should submit the application accompanied by a fee of
Rs.1
10
100
No fees prescribed
None of these
Which of the following type of charge is extended by bank while financing against LIC policy?
Pledge
Hypothecation
Mortgage
Assignment
None of these
Any implied warranty may be varied by
express agreement
course of dealing between parties
if usage is such as to bind parties to the contract
Any of the above
None of the above
A quasi contract is a contract that exists by
order of a court
agreement of the parties
Either (1) or (2)
(1) and (2)
None of the above

Question 26-50

Can a minor become a partner?
Yes (a minor become a partner)
No (Reason: a minor can be admitted to the benefits of a partnership. But he cannot become a partner also documents will be signed by the guardian on minor’s behalf).
(1) and (2)
Either (1) or (2)
None of the above
Limitation period for execution of a decree is
12 years from the date it was decreed
3 years from the date of the decree
6 years from the date of the decree
5 years from the date of the decree
None of the above
Section 131 and NI Act provides statutory protection to a collecting banker if
the cheque is crossed
the cheque is collected for a customer
the cheque is collected in good faith and without negligence
All of the above
None of the above
What is meant by document of title to goods?
It entities and enable its rightful holder to deal with the goods represented by it as an owner
It is a proof of ownership of goods
It confers a right on the possessor to transfer the goods to another person
All of the above
None of the above
A surety has rights against
the creditor
the principal debtor
the co-sureties
All of these
None of these
What is the time limit for disposing an appeal by Appellate Authority?
Within 2 months
Within 3 months
Within 6 months
No such limit
All of the above
A Proclaimed person whose property has been attached can claim the property or the sale proceeds,on appearance
within 6 months of attachment
within 2 years of attachment
within 3 years of attachment
within 1 year of attachment
None of the above
A boy over 11 years but below 12 years of a pow up knife and proceeding towards with a gesture saying that he would cut him into pieces actually stabs him to death.
The boy will not be guilty, as a child under 12 years of age cannot be guilty of an offence
The boy will be guilty because he had attained maturity of understanding to judge the nature and consequence of his conduct of mind and the act concurred in this case
The boy will not be guilty of murder
The boy will not be guilty of murder as he had not attained sufficient maturity of understanding to judge the nature and consequence of his conduct
None of the above
On which date the Amendments to the IPC by the criminal law (Amendment) Act, 2005 came into force
16th April, 2006
11th January,2006
23rd January, 2006
21st June, 2006
None of these
A contract with or by a minor is a
valid contract
void contract
voidable contract
voidable at the option of either party
None of the above
A contract can be discharged
by performance of the contract
by frustration of the contract
(1) and (2)
Neither (1) nor (2)
None of the above
‘X’ and ‘Y’ agreed to marry each other on a certain date and before that ‘X’ goes mad. ‘Y’ cancer contract and sued for damager.
No cause of action arises till the date of marriage.
On account of X’s going mad, the contract frustrated and void. Y has no right to sue for damages.
The contract itself is void
Y is guilty of breach of contract
None of the above
Liability of the surety is
conditional on default
independent of default
can be conditional and can be independent
Either (1) or (2)
None of the above
‘Bailee’ is a person
who delivers the goods
to whom the goods are delivered
through whom the goods are delivered
who carries the goods
None of the above
An action for indemnity against a partner can be brought by
the firm only
an individual partner
Either (1) or (2)
Neither (1) nor (2)
None of these
An act done by a partner on behalf on the firm beyond the implied authority
can be ratified expressly
can be ratified impliedly by conduct
Either (1) or (2)
cannot be ratified
None of the above
The liability by holding out can be incurred by
a minor
a major
Either (1) or (2)
(1) and (2)
None of these
Once a minor, who has been admitted for benefits of the partnership severs his connection with that firm the minor has right to sua
for accounts and his share
for dissolution of the firm
(1) and (2)
Neither (1) nor (2)
None of the above
The status of a partner who has been expelled is that of
an existing dormant partner
an insolvent partner
a retired partner
Either (1) or (3)
None of the above
The dissolution by notice as described under section 43 of the Indian partnership Act, 1932 is applicable where the partnership is
at will
for a fixed term
for a specific adventure
All of these
None of these
The parties to the arbitration agreement shall appoint arbitrator within
30 days
60 days
40 days
90 days
None of these
The mandate of an arbitrator shall terminate
when he withdraws from his office for any reason
when he become de jure or de facto unable to act without undue delay
when the parties have agreed to terminate arbitrator’s authority
All of the above
None of the above
Which is incorrect statement?
The arbitral tribunal is bound by code of civil procedure, 1908
The arbitral tribunal is bound by Indian Evidence Act, 1872.
(1) and (2)
All of the above
None of the above
Admissions
must be in writing
must be oral
Either oral or in writing
Only in writing and not oral
None of these
Oral evidence under section 60 of Evidence Act may be
direct only
hearsay
(1) and (2)
Either (1) or (2)
None of these