Amendment status not verified — confirm the current text below against the official source.
Notwithstanding that a mortgage executed in favour of a [Gram Vikas Bank]6 has been transferred or is deemed under the provisions of section 12 to have been transferred to the [Uttar Pradesh Gram Vikas Bank]6 -- (a) all moneys due under the mortgage shall, in the absence of any specific direction to the contrary issued by the Board or the Trustee and communicated to the mortgagor, be payable to the [Gram Vikas Bank]7 and such payment shall be as valid as if the mortgage had not been so transferred; and (b) the [Gram Vikas Bank]7 shall, in the absence of any specific direction to the contrary issued by the Board or the Trustee and communicated to the [Gram Vikas Bank]7, be entitled to sue on the mortgage or take any other proceeding for the recovery of the amount due under the mortgage.