Noting of charge or mortgage created in favour of bank in Record of Rights.

Whenever a charge or mortgage is created by an agriculturist on land or any interest therein in favour of a bank as security for financial assistance given to him by that bank, the bank shall give intimation to the village accountant or such other revenue officer as may be designated in this behalf by the state Government, of the particulars of the charge or mortgage in its favour. The village accountant or such other revenue officer shall make a note of the particulars of charge or mortgage in the Record of Rights relating to the land over which the charge or mortgage has been created. The bank shall likewise give an intimation to the village accountant or such other revenue officer as soon as the financial assistance given by it to the agriculturist ceases to be outstanding and thereupon the village accountant or such other revenue officer shall make a suitable note in the Record of Rights about release of the land from the charge or mortgage, as he case may be.