Right of protected tenant to mortgage, or create charge on, his interest in land as security for loan

Notwithstanding anything in any law for the time being in force, or any custom, decree or contract to the contrary, it shall be lawful for a protected tenant to mortgage, or create a charge on, his interest in the land in favour of the Government, a Co-operative Society, including a Land Mortgage Bank, or any other institution, in consideration of a loan advanced to him by the Government, Co-operative Society or institution, as the case may be, under the relevant law relating to the grant of loans to agriculturists for the time being in force in the State; and without prejudice to any other remedy open to Government, Co-operative Society or institution, in the event of the protected tenant making a default in payment of such loan in accordance with the terms on which it was advanced, it shall be lawful for the Government, Co-operative Society or institution, as the case may be, to cause his interest in the land to be sold, and the proceeds thereof to be applied in payment of such loan.