Amendment status not verified — confirm the current text below against the official source.
(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 the Central Mortgage Bank or a primary mortgage bank, by the mortgage deed, the Board, or the Committee of such primary mortgage bank, or any person authorised by the Board or such Committee, as the case may be, shall, in case of default of payment of the mortgage money or any part thereof have power, in addition to any other remedy available to them, to bring the mortgaged property to sale without the intervention of the court. (2) No such power shall be exercised unless-- (a) the Board or such Committee has given an opportunity to the mortgagor or mortgagors to show cause why the property may not be sold without the intervention of court; (b) notice in writing requiring payment of such mortgage money or part thereof has been served upon-- (i) the mortgagor or each of the mortgagors; (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 thereof; 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 such service: Provided that the obligation to give such notice under sub-clauses (ii) and (iv) of clause (b) shall be confined to cases where the Board or the Committee has notice of such claims: Provided further that where a mortgage has been executed by the members of a marumakkathayam Tarwad or Nambudiri Illom or Aliyasantana family, it shall be necessary to send notice under this sub-section only to the three seniormost members thereof.