Priority of mortgage.

Corporate1960178 of 165 sections available26 chapters

Chapter XI AGRICULTURE AND RURAL DEVELOPMENT BANKS

Statutory text

(1) A mortgage executed in favour of an Agriculture and Rural Development Bank, shall have priority over any claim of the Government arising from a loan granted after the, execution of the mortgage under the Land Improvement Loans Act, 1883 (XI of 1883) or the Agriculturists Loans Act, 1884 (XI of 1884) or under any other law for the time being in force.
(2) Notwithstanding anything contained in the Bombay Tenancy and Agricultural Lands Act, 1948, (BOM. LXVII of 1948) or any other corresponding law for the time being in force, where a mortgage in favour of an Agriculture and Rural Development Bank is in respect of land in which a tenant purchaser or tenant has an interest, the mortgage may be against the security of such interest, and the rights of the mortgage shall not be affected by the failure of the tenant purchaser or tenant to comply with the requirements of such law, and the sale of the land and his interest therein, under such law shall be subject to the prior charges of an

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