Priority of mortgage over claims

Priority of mortgage, over claims.-

1. (1) Mortgage executed in favour of a Land Development Bank shall have priority over any claim of the Stat Government arising from a loan, under the Land improvement Loans Act, 1883 (19 of 1883),of the Agriculturists’ Loans Act, 1884(12 of 1884) or any other law for the time time being in force, granted subsequent of the execution of the mortgage.
2. (2) A mortgage executed in favour of a Land Development Bank shall have priority also over the claim of may other person arising out of a mortgage of any description executed or any other charge created, after the issue of a public notice under section 44.