Priority of mortgage.

(1) A mortgage executed in favour of a Land development bank shall have priority over any claim of the Government arising from a loan grated after the execution of the mortgage under the Land Improvement Loans Act, 1883, or the Agriculturists Loans Act, 1884 or any other law for the time being in force. (2) Notwithstanding anything contained in the Bombay Tenancy and Agricultural Lands Act, 1948, or any other corresponding law for the time being in force, where a mortgage in favour of a land development bank is in respect of land in which a tenant has an interest, the mortgage may be against the security by the failure of the tenant to comply with the requirement of such law, and the sale of the land and tenant’s interest therein under such law shall be subject to the prior charge of the land development bank.