Creation of charge on land or interest therein in favour of a credit agency by a declaration

Notwithstanding anything contained in any law for the time being in force,- (i) any agriculturist given financial assistance by a credit agency may by a declaration in the prescribed form charge the land or any other immovable property owned by him or where he is a tenant of any land, his interest in such land, as security for the amount of such financial assistance and interest payable thereon. Such declaration shall be filed along with the application seeking financial assistance and shall state that the charge created thereunder shall be for the amount of financial assistance then sought for and also for all future financial assistance which the credit agency may give him, (ii) a declaration made under clause (i) may, with the consent of the credit agency concerned, be varied by the agriculturist at any time.