Amendment status not verified — confirm the current text below against the official source.
Priority of mortgage over other claims.- (1) A mortgage executed in favour of a Land Development Bank, shall have priority over any claim of the government arising from a loan granted after the execution of the mortgage under the Land Improvement Loans Act, 1883 (Central Act 19 of 1883) or under any other law for the time being in force. (2) Without prejudice to the provisions of sub-section (1), and notwithstanding anything contained in this Act or in any other law for the time being in force, a mortgage executed in favour of a land development bank, after commencement of this Act, shall subject to the claims of the Government in respect of land revenue, have priority over all other claims against the property secured by such mortgage.