Amendment status not verified — confirm the current text below against the official source.
Where a mortgage is executed in favour of Mortgage a a Mortgage Bank fo1 payment of prior debts of :i: td b~~ the mortgagor, the Bank may, notwithstanding the ofmort;agor provisions of Sections 75 and 76 of the Transfer of Property Act, 1882 by notice in writing, require any person to whom any such debt is due, to receive payment of such debt or part thereof from the Mortgage Bank at its registered office within such period a' -µiay be specified in the notice. of V of 13 (2) Where any such person fails to receive such notice or such payment, such debt or part thereof as the case may be, shall cease to carry interest from the t;xpiration of the period specified in the notice: Provided that where there is a dispute as regards the amount of any such debt the per3on to whom such debt is due shall be bound to receive pay- ment of the amount offered by the Mortgage Hank towards the debt, but such receipt shall not prejudice the right, if any, of such person, to recover the balance claimed by him . .