Power of Primary Land Development Bank to receive money and grant discharge

44 K. Power of Primary Land Development Bank to receive money and grant discharge. – Notwithstanding that a mortgage executed in favour of a Primary Land Development Bank has been transferred or is deemed, under provisions of section 44-J, to have been transferred to the State Cooperative Land Development Bank.

1. (a) all moneys due under the mortgage shall, in the absence of any specific direction to the contrary issued by the Board of trustee and communicated to the mortgagor, be payable to the Primary Land Development Bank and such payment shall be as valid as if the mortgage had not been so transferred: and
2. (b) the Primary Land Development Bank shall, in the absence of any specific direction to the contrary, issued by the Board of Trustee and communicated to the Primary Land Development Bank, by entitled to sue on the mortgage or take any other proceeding, including a proceeding under this Act. for the recovery of the moneys due under the mortgage.