Amendment status not verified — confirm the current text below against the official source.
Notwithstanding that a mortgage executed in B:~~ga,~e re- favour of a Mortgage Bank has been transferred, or is ceive money deemed under the provision of Section 21 to have and grant been transferred to the Central Mortgage Bank- valid dischar- ges notwitb· standing 3}si\1ment (a) all monevs due under the mortgage may, in the ~eedso:~g~~ absence of any specific direction to the co.ntrary issued Central by the Board or Trustee and commumcated to the Mortgage mortgagor, be paid to the Mortgage Bank and such 'Sank. payment shall be valid as if the mortgage had not been so transferred ; and (b) the Mortgage Bank shall, in the absence of any ~pceific direction to the contrary issued by the Board or Tiustee and communicated to the Mortgage Bank be entitled to sue on the mortgage or take any other proceedings for the recovery of the moneys due under the mortgaged. Priority of