Power of sale

(1) Notwithstanding anything contained in the Transfer of Property Act, 1882 (4 of 1882) where a power of sale without the intervention of the Court is expressly conferred on the State Co-operative Agricultural and Rural Development Bank or the Co-operative Agricultural and Rural Development Bank by the mortgage deed, the Board or the Committee of such bank, as the case may be, or any person authorised by such Board or Committee in this behalf shall, in case of default of payment of the mortgage money or any part thereof have power, in addition to any other remedy available to the bank, to bring the mortgaged property to sale without the intervention of the Court after hearing the objections, if any, of the mortgagor. (2) No such power shall be exercised unless and until– (a) notice in writing requiring payment of such mortgage money or any part thereof, as the case may be, has been served upon– (i) the mortgagor; (ii) any person who has any interest in or charge upon the property mortgaged or in or upon the right to redeem the same; (iii) any surety for the payment of the mortgage debt or any part thereof; and (iv) any creditor of the mortgagor who has in a suit for the administration of his estate obtained a decree for sale of the mortgaged property; and (b) default has been made in payment of such mortgage money or part thereof for three months after such service.