17. Power of 1[Gram Vikas Bank] where mortgaged property is destroyed or security becomes insufficient. - Where any property mortgaged to a 1[Gram Vikas Bank] is wholly or partially destroyed or the security is rendered insufficient and the mortgagor, having been given a reasonable opportunity by the managing committee of the 1[Gram Vikas Bank] of providing further security so as to render the security sufficient or of repaying such portion of the loan as may be determined by the committee, has failed to provide such security or to repay such portion of the loan the whole of the loan shall be deemed to fall due at once and the committee shall be entitled to take action against the mortgagor under this Act or any other law for the time being in force for the recovery thereof.
Explanation. - A security shall be deemed insufficient within the meaning of this section if the value of the mortgaged property does not exceed the amount for the time being due on the mortgage by such proportion as may be specified in the rules, regulations or the bye- laws of the 1[Gram Vikas Bank].
Explanation. - A security shall be deemed insufficient within the meaning of this section if the value of the mortgaged property does not exceed the amount for the time being due on the mortgage by such proportion as may be specified in the rules, regulations or the bye- laws of the 1[Gram Vikas Bank].
Source footnotes
1. Subs. by U.P. Act No. 19 of 1994आगे पढ़ें / Continue reading
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Section 1 · Short title, extent and commencementSection 2 · DefinitionsSection 3 · Number of Gram Vikas BanksSection 4 · Appointment of Trustee and his powers and functionsSection 5 · Trustee to be a Corporation SoleSection 6 · Issue of debentures by the BoardSection 7 · Vesting of property in Trustee and Debenture -holders charge on the assetsSection 8 · Guarantee by State Government of Principal and interest of the money to be borrowed by means of debentures or otherwiseIndia Code, Government of India. Text fetched 16 Oct 2026. Source metadata reports last modification: 2024-03-15. Check the linked official text and subsequent notifications when applying a provision.