Amendment status not verified — confirm the current text below against the official source.
Priority of mortgage, over claims. - (1) Mortgage executed in favour of a Land Development Bank shall have priority over any claim of the State Government arising from a loan, under the Land Improvement Loans Act, 1883 (19 of 1883), of the Agriculturists' Loans Act, 1884 (12 of 1884) or any other law for the time being in force, granted subsequent to the execution of the mortgage. (2) A mortgage executed in favour of a Land Development Bank shall have priority also over the claim of any other person arising out of a mortgage of any description executed or any other charge created, after the issue of a public notice under Section 44C in respect of the property of the loanee specified in the said public notice.