Restriction on leases

44 AD. Restriction on leases. –

1. (1) Notwithstanding anything contained in the transfer of property Act, 1882 (4 of 1882), or any law for the time being in force, no mortgagor of property mortgaged to a Land Development Bank shall, except with the prior consent in writing of the bank and subject to such terms and conditions as the bank may impose lease or create to any tenancy rights or any other right, title, or interest in any such property; Provided that the rights of the Land Development Bank shall be enforceable against the lessee or the tenant, or any other person, as the case may be, as if he himself were a mortgagor.
   • (P) Where the land, mortgaged with possession to a Land Development Bank, is in actual possession of a tenant, the mortgagor of the Land Development Bank shall give notice to the tenant to pay rent to the Land Development Bank during the currency of the lease and the on such notice being given, the tenant shall be deemed to have attorned to the Land Development Bank.