(1)Where any creditor has advanced any amount to a debtor on the basis of a security, whether movable or immovable offered by the debtor, and where in respect of such amount so advanced the creditor has obtained from the debtor any promissory note or other document, it shall be sufficient for the debtor to discharge the secured debt as scaled down under the provisions of this Act, and on such discharge, the debt covered by the promissory note or other document shall be deemed to have been wholly discharged.(2)Where a creditor had taken from any debtor any note, promise to pay, acknowledgement, power-of-attorney, bond, security or other document which does not state the actual amount of the debt, the rate of interest charged and the time, if any, within which the principal is stipulated to be repaid in full, or which states any of the particulars incorrectly or in which any entry is left blank for completion on a later date, such note, promise to pay, acknowledgment, power-of-attorney, bond, security or other document shall, notwithstanding anything contained in any law for the time being in force, be void.
