Priority of mortgage over certain claims of the Government

(1) A mortgage executed in favour of the Central Mortgage Bank or a primary mortgage bank, as the case may be, after the commencement of this Act, shall have priority over any claim of the Government arising from a loan under the Land Improvement Loans Act, 1883 (19 of 1883), or the Agriculturists' Loans Act, 1884 (12 of 1884), or the Cochin Agricultural Improvement Loans Act, IV of 1093 or the Travancore Land Improvement and Agricultural Loans Act (Travancore Act IX of 1094), granted after the execution of the mortgage. (2) Notwithstanding any enactment or rule of law, a mortgage executed in favour of the Central Mortgage Bank or a primary mortgage bank, as the case may be, shall take precedence over any attachment or oral mortgage over the properties, where after publication of a notice in the prescribed form, such claim or interest has not been notified to such Bank within the time prescribed in the said notice. (3) The Government may make rules prescribing the form of the notice under this section and the manner of its publication.