Amendment status not verified — confirm the current text below against the official source.
Where any property mortgaged to a Land Development Bank is 'wholly or partially destroyed, or for any reason the security is rendered insufficient and the mortgagor, having been given a reaso- nable opportunity by the bank to provide further security enough to render the whole security sufficient, or to -repay sneh portion of loan as may be determined by the bank has failed to provide such security or to repay such portion of loan, the whole of the loan shall be deemed to fall due at once ; and the bank shall be entitled to take action against the mortgagor under section 132 or section 133 for the recovery thereof. Eepianation z—Seeurity shall be deemed insufi‘icient Within the meaning of this section, unless the value of the mortgaged property (including improvements made thereon) exceeds the amount for the time being due on the mortgage by such proportion as may be speci~ fied in the rules, reguiations or the bye-laws of the Land Development Bank.