Himachal Pradesh Co-operative Agriculture and Rural Development Banks Act, 1979 42अध्याय VIII · Miscellaneous

धारा 42 · Right of [Agriculture and Rural Development Bank] [Substituted for 'Land Development Bank' vide Act No. 16 of 1987 w.e.f. 16-11-1987.] to pay prior debts of the mortgagor

(1)

Where a [gehan is created or mortgage or hypothecation] [Substituted for 'mortgage' vide Act No. 16 of 1987 w.e.f. 16-11-1987.] is executed in favour of the [Agriculture and Rural Development Bank] [Substituted for 'Land Development Bank' vide Act No. 16 of 1987 w.e.f. 16-11-1987.] for payment of prior debts of the [person who created the gehan or executed the mortgage or hypothecation] [Substituted for mortgagor' vide Act No. 16 of 1987 w.e.f. 16-11-1987.] the Bank may not withstanding the provisions of sections 83 and 84 of the Transfer of Property Act, 1882 (4 of 1882), by notice in writing require any person to whom any such debt is due to receive payment of such debt or part thereof from the [Agriculture and Rural Development Bank] [Substituted for 'Land Development Bank' vide Act No. 16 of 1987 w.e.f. 16-11-1987.] at its registered office within such period as may be specified in the notice. If any such person fails to receive such notice or such payment, such debt, or part thereof, as the case may be, shall cease to carry interest from the expiration of the period specified in the notice [except in cases where such person proves to the satisfaction of the Board or the committee of the [Agriculture and Rural Development Bank] [Added vide Act No. 16 of 1987 w.e.f. 16-11-1987.], as the case may be, that the failure to receive notice or payment was due to causes beyond his control:]Provided that where there is a dispute as regards the amount of any such debt, the person to whom such debt is due, shall be bound to receive payment of the amount offered by the [Agriculture and Rural Development Bank] [Substituted for 'Land Development Bank' vide Act No. 16 of 1987 w.e.f. 16-11-1987.] toward the debt, but such receipt shall not prejudice the right, if any, of such person, to recover the balance claimed by him.

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