Priority of mortgage over other claims

28.

1. (1) A mortgage executed in favour of a primary land development bank after the commencement of this Act shall have priority over any claim of the Government arising from a loan under the Land Improvement Loans Act, 1883, granted after the execution of the mortgage.
2. (2) Without prejudice to the provisions of sub-section (1), and notwithstanding anything contained in the Tamil Nadu Co-operative Societies Act, 1961 (Tamil Nadu Act 53 of 1961) or in any other law for the time being in force, a mortgage executed in favour of a primary land development bank after the 4th day of July 1968, shall, subject to the claim of the Government in respect of land revenue, have priority over all other claims against the property secured by such mortgage.