Amendment status not verified — confirm the current text below against the official source.
Restriction on mortgaged property: 1) Where land is mortgaged to a registered society, the mortgagor shall not be entitled without the approval of the society to transfer or mortgage as equity of redemption or to create a charge upon or lease out such property duringthe pendency of the mortgage. 2) If the mortgaged property at anytime is wholly or partially destroyed or the security rendered becomes insufficient due to fall in value orfor any other reason and the mortgagor having been given a reasonable opportunity by the society for providing further sufficient security to cover the loan for repaying the loan with interest or such portion of the loan as may be determined by the supervisory, managing or controlling body and the mortgagor having failed to provide such security or repay such portion of the loan, the whole of the loan or such uncovered portion shall be deemed to fall due at once and recoverable through a Co-operative Demand Certificate. 600 3) Notwithstanding anything contained in the transfer of Property Act, 1882, the mortgaged property, in case of default of payment of mortgaged money of any part thereof, may be sold by the society as prescribed by Rules in addition to any other remedy available without the intervention of court if expressly conferred by the mortgaged deed. Provided that the society serves a notice in writing by registered post demanding payment of the mortgage money with interest or part thereof upon the mortgagor or, any person having an interest in or charge upon the mortgaged property of the equity of redemption who has previously notified the society of such interest or charge in writing or any surety, and if default has been made in payment of the loan or part thereof for three months after such service of notice. Provided further that any partly aggrieved by an action taken by a registered society under this section may make an appeal to Registrar within thirty days from the date of the sale and his/her decision shall be final.