Amendment status not verified — confirm the current text below against the official source.
Where any property mortgaged to a Mortgage Ban~g~~ere Bank is wholly or partially destroyed or the securit; property is is rendered insufficient and the mortgagor, having destr?yed or been given a reasonable opportunity by the Committee iecurity ~e· of the Mortgage Bank, of providing fur thrr security comes tn· h d l . . I. sufficienti enoug to ren er the who e secunty sufficient o repaying such portion of the loan as may be deter· mined by the Committee, has failed lo 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 Committee shall be entitled to take action against the mortgagor '1nder Section 8 or Section 11 for the recovery thereof. Explanation.-A security is insufficient within the meaning of this Section unless the value of the mort- gaged properly exceeds the amount for the time being due on the mortgage by such proportion as may be specified in the bye-laws of the Mortgage Bank. ~ 011 i; 0~