Power of Co-operative Agricultural and Rural Development Bank to receive money and grant discharge

Notwithstanding that a mortgage executed in favour of a Co-operative Agricultural and Rural Development Bank has been transferred, or is deemed under the provisions of Section 87, to have been transferred, to the State Co-operative Agricultural 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 such Co-operative Agricultural and Rural Development Bank and such payment shall be as valid as if the mortgage had not been so transferred ; and