Amendment status not verified — confirm the current text below against the official source.
Notwithstanding that a mortgage executed in favour of a primary mortgage bank has been transferred, or is deemed under the provisions of section 23 to have been transferred, to the Central Mortgage Bank-- (a) all moneys due under the mortgage shall, in the absence of any specific direction to the contrary issued by the Board or the Trustee and communicated to the mortgagor, be payable to the primary mortgage bank and such payment shall be as valid as if the mortgage had not been so transferred; and (b) the primary mortgage bank shall, in the absence of any specific direction to the contrary issued by the Board or the Trustee and communicated to the primary mortgage bank be entitled to sue on the mortgage or take any other proceedings for the recovery of the moneys due under the mortgage.