Amendment status not verified — confirm the current text below against the official source.
Where any property mortgaged to a '[primary '[primav ' land development bank] is wholly or- partially des- land devs Iopment bank] troyed or the security is rendered insufficient and in case the mortgagor, having been given a reasonable oppor- the mort- gaged tunity by the committee of the '[prin~ary land develop- property is ment bank], of providing further security enough to whollyor render the whole security sufficient or of repaying partially destroyed such portion of the loan as may be determined by or the ths committee, has failed to provide such security security is or to repay such portion of the loan, the whole of the rendered insufficient. loan shall be deemed to fall due at once and the corn- mittee sl~all be entitled to take action against the n.~ortgagor under section 9 or section 13 for the reco- very thereof. Explanation.--A security is insufficient within the meaning of thi.; section unless the value of the mortga- ged property exceeds the amount for the time being due on the mortgage by such proportion as may be specified in the by-laws of the '[primary land deve- lopment bank].