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Up to Dec 14 2010Dec 15 2010 onwards

Rule 294. Default in Loan of Money

This rule is no longer applicable.

When a loan of money is not paid before 2:15 p.m. of the day upon which it becomes due, the borrower shall be considered as in default and the lender may, without notice, sell the securities pledged therefor, or so much thereof as may be necessary to liquidate the loan.

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