section 21
Priority of claims over securities
The Madhya Pradesh Sahakari Krishi Aur Gramin Vikas Bank Adhiniyam, 1999Finance199963 sections
Statutory text
- (1) Any amount payable under a security furnished in favour of the Statc Development Bank or a District Development Bank shall have priority over any claim of the Government arising from a loan, under the Land Improvement Loans Act, 1883 (XIX of 1883) or the Agriculturisis Loans Act, 1884 (XII of 1884) or under any other law for the time being in force, granted after the security is furnished in favour of the State Development Bank or a District Development Bank, as the case may be. (2) Notwithstanding anything contained in any law for the time being in force, a security furnished in favour of the State Development Bank or a District Development Bank shall take precedence over any attachment or mortgage or charge over the properties, where, after publication of a notice in such form and manner as may be prescribed, the claim or interest under such attachment or mortgage or charge has not been notified to the State Development Bank or the District Development Bank as the case may be within the time specified in the said notice. (3) Notwithstanding anything contained in the Madhya Pradesh Land Revenue Code, 1959 (No. 20 of 1959) or in any other law for the time being in force, where security furnished in favour of a District Development Bank is in respect of land in which an occupancy tenant has an interest, the mortgage or hypothecation may be against the security of such interest; and the rights of the State Development Bank or District Development Bank shall not be affected by the failure of the occupancy tenant to comply with the requirements of the said Code, and the sale of the land and his interest therein under the said Code shall be subject to the prior charge of the State Development Bank or District Development Bank.
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