Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in the Transfer of Property Act, 1882, the co-operative land development bank or any person authorised by it in this behalf shall incase of default of payment of the mortgage money, or any part thereof, have power, in addition to any other remedy available to the bank. to bring the mortgaged property to sale by public auction in the village in which the mortgaged property is situate or at the nearest place of public resort, within the intervention of the court ; Provided that no action shall be taken under this sub-section and no such power shall be excercised, unless and unit- (a) the co-operative land development bank has been previously authorised by the State Government to exercise the power conferred under this sub-section after hearing the objections, if any, of the mortgagor or mortgagors; (b) notice in writing requiring payment of such mortgage money or part thereof has been served upon _ (i) the mortgagor or cash of the mortgagors ; (ii) any person who has any interest in, or charge upon ,the property mortgaged, or in or upon the right to redeem the same so far as is known to the bank ; (iii) any surely for the payment of the mortgaged debt or any part thereof, and (iv) any creditor of the mortgagor who has in a suit for administration of his estate obtained a decree for sale of the mortgaged property ; and (c) default has been made in payment of such mortgage money or part thereof, for three months after service of the notice. (2) If the co-operative land development bank fails to take action against a defaulter under section 130 or section 132 or under this section, the Trustee may take action. If such action is taken by the Trustee, the provisions of this Chapter and of any rules prescribed shall apply in respect thereto, as if all references to the co-operative land development bank in the said provisions were reference to the Trustee. (3) Notwithstanding anything contained in any law for the time being in force, it shall be lawful for the co-operative land development bank to purchase any mortgaged property sold under this Chapter. Confirmation of sale Disposal of sale proceeds 69