Powers of Land Development Bank where mortgaged property is destroyed or security becomes insufficient

44 V. Powers of Land Development Bank where mortgaged property is destroyed or security becomes insufficient. – Where any property mortgaged to a Land Development Bank is wholly or partially destroyed or for any reason the security is rendered insufficient and the mortgagor, having been given a reasonable opportunity, by the managing committee of the said bank or the Board of providing further security enough to make the whole security sufficient or of re-paving such portion of the loan as may be determined by the managing committee or the Board has failed to provide such security or to repay such portion of the loan the whole of the loan shall, notwithstanding its terms and conditions, be deemed to fall due at once and the managing committee or the Board shall be entitled to take action against the mortgagor, under section 44-S or section 44-T or section 44-U, for the recovery thereof. Explanation.- For the purpose of this section, security shall be deemed to be insufficient unless the value of the mortgaged property, including improvement thereon, exceeds the amount for the time being, due on the mortgage by such proportion as may b specified in the rules or the bye-laws of the Land development Bank.