section 76
Priority of mortgage
The Rajasthan Co-Operative Societies Act, 2001Corporate2001128 sections16 chapters
Chapter XII LAND DEVELOPMENT BANKS
Statutory text
- (1) A mortgage executed in favour of a Land Development Bank shall have priority over any claim of the Government arising from a loan granted after the execution of the mortgage under the Rajasthan Agricultural Loans Act, 1957 (Act No. 1 of 1957).
- (2) Notwithstanding anything contained in the Rajasthan Tenancy Act, 1955 (Act No. 3 of 1955), or any other corresponding law for the time being in force, where a mortgage in favour of a Land Development Bank is in respect of land in which a tenant has an interest, the mortgage may be against the security of such interest, and the rights of the mortgagee shall not be affected by the failure of the 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 charge of the Land Development Bank.
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