Powers of Co-operative Agricultural and Rural Development Bank where mortgaged property is destroyed or security becomes insufficient

Where any property mortgaged to the State Co-operative Agricultural and Rural Development Bank or a Co-operative Agricultural and Rural Development Bank is wholly or partially destroyed or the security is rendered insufficient and the mortgagor, having been given a reasonable opportunity by the Board or the Committee of such bank, as the case may be, for providing further security to render the whole security sufficient or of repaying such portion of the loan as may be determined by the Board or Committee, has failed to provide such security or to repay such portion of the loan, the whole of the loan shall be deemed to fall due at once and the Board or the Committee, as the case may be, shall be entitled to take action against the mortgagor under Section 90 or 91 for the recovery thereof. Explanation – A security is insufficient within the meaning of this Section unless the value of the mortgaged property exceeds the amount for the time