Power of District Development Bank to receive moneys and grant valid discharges

Notwithstanding that a security furnished in favour of a District Development Bank has been transferred or is deemed to have been transferred under section 20 to the State Development Bank— (a) all moneys due under the security shall, in the absence of any specific direction to the contrary issued by the State Development Bank or the Trustee and communicated to the loanee shall be payable to the District Development Bank and such payment shall be valid as if the security furnished had not been so transferred; and (b) the District Development Bank shall, in the absence of any specific direction to the contrary issued by the State Development Bank or the Trustee, be entitled to sue or take any other proceedings for the recoveries of moneys due on the security furnished.