Amendment status not verified — confirm the current text below against the official source.
Power of 1[Co-operative Agricultural and Rural Development Bank] to receive money and grant discharge :– Notwithstanding that a mortgage executed in favour of a 1[Co-operative Agricultural and Rural Devel- opment Bank] has been transferred, or is deemed under the provisions of Section 87, to have been transferred, to the 1[State Co-operative Agricultural and Rural Development Bank] - (a) all moneys due under the mortgage shall, in the absence of any specific direction to the contrary issued by the Board or Trustee and communicated to the mortgagor, be payable to such 1[Co- operative Agricultural and Rural Development Bank] and such payment shall be as valid as if the mortgage had not been so transferred ; and