Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in the Indian Registra- tion Act, 1908 it shall not be necessary to register mortgages executed in favour of the Land Development Banks, provided that the Land Development Bank concerned Bends Within such time and in such manner as may be prescribed, a copy of the instrument whereby pro- perty is mortgaged or leased to the Registering Officer Within the local limits of whose jurisdiction the whole or any part of the property mortgaged is situate, and such Registering Officer shall file a copy or copies as the case may be in his book No. 1 prescribed under section 51 of the Indian Registration Act, 1908. 53 Order gran- ting loan conclusive of certain mat- ters- Priority of mortgage. Mortgages executed in favour of Land Deve- lopment Bank to stand vested in State Land Development Bank. Registration of Mortgage (or lease) in favour 08 Land Development Banks, 5i Mot tgages not to ~‘be questioned on insolven- ey of mort- gagors Right of Land Dove- lopment Bank to pay prior debts of mortgagor Mortgages exec uted by managers of joint Hindu families. Section 8 of Act XXXII of 1956 to apply to mortgages to Land Deve- lopment Banks subject to certain modification lestriction on lease