Power of primary land development bank to receive moneys and grant valid discharges notwithstanding assignment of mortgage deeds to the State Land Development Bank

31. Notwithstanding that a mortgage executed in favour of a primary land development bank has been transferred, or is deemed under the provisions of section 23-A to have been transferred, to the State Land Development Bank,

1. (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 the primary land development bank and such payment shall be as valid as if the mortgage had not been so transferred; and
2. (b) the primary land development bank shall, in the absence of any specific direction to the contrary issued by the Board or Trustee and communicated to the primary land development bank, be entitled to sue on the mortgage or take any other proceeding for the recovery of the moneys due under the mortgage.