Who executes the revoke call?
The lender or an authorized representative of the lender executes the revoke call. Depending on the asset's nature and the loan agreement terms, this might be facilitated by an intermediary such as a custodian or a legal entity.
Process of revocation
The process of revocation typically involves the following steps:
Loan repayment:
The borrower completes all payments due under the loan agreement
Revoke request:
The borrower may need to formally request the revocation of the lien or ask the lender to release the claim on
the collateral.
Documentation:
The lender reviews the borrower's account to ensure that all debts are cleared.
Release of claim:
Upon satisfaction, the lender issues a release of claim or lien release letter or certificate, which legally
indicates that the borrower has regained full ownership of the collateral. This can be executed through below APIs offered by Finsire.
Related Articles
What is invoke and revoke?
"Invoke" and "Revoke" are terms related to the control and status of an asset that is used as collateral in a lending process: Invoke To "invoke" in the context of lending means that the lender is exercising their legal right to take control of the ...Can a user revoke at any time?
No, a user (borrower) cannot revoke anytime. The right to revoke a claim on an asset is contingent upon the completion of the loan repayment in full, as per the terms agreed upon with the lender. Only after fulfilling these obligations can a borrower ...What is the process of lien marking?
The process of lien marking on mutual funds, shares, or bonds as collateral for securing a loan involves several key players, including the borrower, the lender (typically a bank or financial institution), and the Registrar and Transfer Agent (RTA) ...What is lien marking?
Lien marking refers to the process where a claim or a legal right is placed on an asset to secure a loan or obligation. Lien marking serves as a security measure for lenders while allowing borrowers to leverage their investments without liquidating ...Who invokes?
The lender invokes. When a borrower defaults on a loan by failing to pay the EMIs or violating the loan agreement's terms, the lender has the right to invoke their claim on the collateral. This is typically executed through a formal process that may ...