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Legal effect of property dunning notice

Legal analysis: the notice of arrears is a dunning tool, which is a notice used by the payment unit or individual when the payment is overdue. The notice of arrears can effectively interrupt the limitation of action. The notice of arrears can show that the creditor has fulfilled the obligation of notice and given a reasonable time limit.

Legal basis: Article 667 of the Civil Law of People's Republic of China (PRC) is a loan contract in which the borrower borrows money from the lender, repays the loan at maturity and pays interest.