Power of Agriculture and Rural Development Bank to receive moneys and grant discharges

Notwithstanding that a mortgage executed in favour of an Agriculture and Rural Development Bank has been transferred, or is deemed under the provisions of section 85 to have been transferred, to the State Agriculture and Rural Development Bank,— (a) all moneys due under the mortgage shall, in the absence of any specific direction to the contrary issued by the Board or Trustee and communicated to the mortgagor, be payable to the Agriculture and Rural Development Bank and such payment shall be as valid as if the mortgage had not been so transferred; and (b) the Agriculture and Rural Development Bank shall, in the absence of any specific direction to the contrary issued by the Board or Trustee and communicated to the Agriculture and Rural Development Bank, be entitled to sue on the mortgage or take any other proceeding for the recovery of the moneys due under the mortgage.