(1)Notwithstanding that a mortgage executed in favour of an Agriculture and Rural Development Bank has been transferred, or is deemed under the provisions of section 93 to have been transferred to the State Agriculture and Rural Development Bank
(a) all moneys due under the mortgage, shall, in the absence of any specific direction to the contrary issued by the Board or Trustee and communicated to the mortgagor, be payable to the Agriculture and Rural Development Bank and such payment shall be as valid as if the mortgage had not been so transferred ; and
(b) the Agriculture and Rural Development Bank shall, in the absence of any specific direction to the contrary issued by the Board or Trustee and communicate to the Agriculture and Rural Development Bank, be entitled to sue on the mortgage or take any other proceeding for the recovery of the moneys due under the mortgage.
(a) all moneys due under the mortgage, shall, in the absence of any specific direction to the contrary issued by the Board or Trustee and communicated to the mortgagor, be payable to the Agriculture and Rural Development Bank and such payment shall be as valid as if the mortgage had not been so transferred ; and
(b) the Agriculture and Rural Development Bank shall, in the absence of any specific direction to the contrary issued by the Board or Trustee and communicate to the Agriculture and Rural Development Bank, be entitled to sue on the mortgage or take any other proceeding for the recovery of the moneys due under the mortgage.
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · The Registrar.Section 4 · Societies which may be registered.Section 5 · Application for registration of Co-operative Societies.Section 6 · Registration.Section 7 · Registration certificate.Section 8 · Registration with limited or unlimited liability.India Code, Government of India. Text fetched 11 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.