Himachal Pradesh Co-operative Agriculture and Rural Development Banks Act, 1979 26अध्याय VII · Sale of Mortgaged Property

धारा 26 · [ Power of sale when to be exercised. [Section 26 Substituted vide H.P. Act No. 16 of 1987 w.e.f. 16-11-1987]

(1)

Notwithstanding anything contained in the Transfer of Property Act, 1882(4 of 1882) or any other law for the time being in force, where a gehan or mortgage or hypothecation has been created or executed moveable or immoveable property in accordance with the provisions of sub-section (1) of section 12 in favour-of the Agriculture and Rural Development Rank or a Primary Agriculture and Rural Development Bank, the Board or the, Committee of such bank or any person authorised by the Board or such Committee shall, in case of default in the payment of sums due to the bank, have power, in addition to any other remedy available to the Primary Agriculture and Rural Development Bank to bring to sale the property to which Gehan or mortgage or hypothecation relates without intervention of the court.

(2)

No such power shall be exercised, unless and until-

(a)

the Board or the Committee has previously authorised such sale in the exercise of the power conferred on it by sub-section (1), after hearing and deciding the objections, if any, of the person who created the gehan or executed, the mortgage or hypothecation or any other person having any interest in the security property;

(b)

notice in writing requiring payment of sums due to the Agriculture and Rural 'Development Bank' or any part thereof, has been served upon-

(i)the person creating or executing the Gehan or mortgage or hypothecation;

(ii)any person who has any interest or charge upon the property to which the Gehan or mortgage or hypothecation relates or any other right to redeem the same;

(iii)any surety for the payment of the sums due to the Agriculture and Rural Development Bank or any part thereof; and

(iv)any creditor of the person creating or executing the Gehan or mortgage, who has in a suit for the administration of his estate, obtained a decree for sale of the property to which gehan or mortgage or hypothecation relates;

(c)

there has been default in payment of such sums due to the Agriculture and Rural Development Bank for a period of six months after service of the notice referred to in clause (b):

Provided that the objection to give such notice to the persons mentioned in sub-clauses (ii) and (iv) shall be confined to cases where the Board or the Committee has notice of such claims; and

(d)

the Registrar, in case where the amount claimed by the State Bank is disputed, has certified that the amount claimed or lesser amount is due from the person creating or executing the gehan, mortgage or hypothecation.]

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