Amendment status not verified — confirm the current text below against the official source.
(1) A mortgage executed in favour of a Agriculture and Rural Development Bank shall have priority over any claims of the Government arising from a loan under the aid to Agriculturists and Land Improvement Act, Samvat 1993 granted after the execution of the mortgage. (2) Notwithstanding anything contained in any law for the time being in force, a mortgage or hypothecation or charge executed in favour of the Agriculture and Rural Development Bank or a Primary Bank shall take precedence over any attachment or equitable mortgage over the properties, where after publication of a notice in the prescribed form, the claim or interest under such attachment or equitable mortgage has not been notified to such bank within the time prescribed in the said notice.