Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in any other law for the time being in force where different mortgages or charges have been executed by an agriculturist in respect of the same land both in favour of a bank and in favour of any person, then the mortgage or charge executed in favour of a bank shall have priority over the mortgage or charge in favour of such person irrespective of the fact whether the mortgage or charge in favour of the bank was executed before or after the date of the mortgage or charge in favour of such person. (Explanation. - In this sub-section the word person shall not include the State Government or any Cooperative Society.) (2) Where in respect of the same land different mortgages or charges have been executed by any agriculturist in favour of:- (i) the State Government. (ii) a Co-operative Society, and (iii) one or more banks, such mortgages or charges shall rank for priority in accordance with the respective dates of their execution.(3) Notwithstanding anything contained in any other law for the time being in force, where different mortgages or charges have been executed by any agriculturist in respect of the same land for obtaining crop loan from one bank and a huge subsequent term loan from another ban, then the mortgage or charge in relation to the subsequent term loan shall have priority over the mortgage or charge in relation to the crop loan provided, the mortgage or charge in relation to such term loan was executed with the knowledge and consent of the bank providing the crop loan.