Amendment status not verified — confirm the current text below against the official source.
Powers of sale when to be exercised.-(1) Notwithstanding anything contained in the Transfer of Property Act, 1882 (4 of 1882). where a power of sale without the intervention of the court is expressly conferred on a Land Development Bank by the mortgage deed, the managing committee of such bank or the Board or any person authorised by such managing committee or the Board in this behalf shall, in case of default of payment of mortgage money or any part thereof, have power, in addition to any other remedy available to the bank, to bring the mortgaged property to sale without the intervention of court. (2) No such power shall be exercised unless and until- (a) the Bo rad has previously authorised the exercise of the power conferred by sub- section (1) after considering the representation, if any, of the mortgagor; (b) the registered notice requiring payment of such mortgage money or part thereof has been served upon- (i) the mortgagor; (ii) any person who has any interest in, or charge upon the property mortgaged or in or upon the right to redeem the same; (iii) any surety for the payment of the mortgage debt or any part there of; and (iv) any creditor of the mortgagor who has in a suit for the administration of his estate obtained a decree for sale of the mortgaged property; and. (c) default has been made in payment of such mortgage money or part thereof, for three months after service of notice in this behalf, 44V, Powers of Land Development Bank where mortgaged property is destroyed or security becomes insufficient-Where any property mortgaged to a Secs. 44W-44X ] Bihar Co-operative Societies Act, 1935 [47 Land Development Bank is wholly or partially destroyed or for any reason the security is rendered insufficient and the mortgagor, having been giyen a reasonable opportunity, by the managing committee of the said bank or the Board of providing further security enough to make the whole security sufficient or of re-paying such portion of the loan as may be determined by the managing committee or the Board has failed to provide such security or to repay such portion of the loan the whole of the loan shall, notwithstanding its terms and conditions, be deemed to fall due at once and the managing committee or the Board shall be entitled to take action against the mortgagor, under section 44-S or section 44-T or section 44-U, for the recovery thereof. Explanation.--For the purpose of this section, security shall be deemed to be insufficient unless the value of the mortgaged property, including improvement thereon, exceeds the amount for the time being, due on the mortgage by such proportion as may be specified in the rules or the bye-laws of the Land Development Bank.