AACOMP Rules 3

Section 3 · Registration of charge and mortgage

(1)

On receipt of the declaration of charge or mortgage executed in the Form prescribed under Section 6(1) and 6(2) of the Act or of the mortgage deed executed under Section 7 of the Act in Form 'A' appended to these Rules, the concerned credit agency shall retain one copy of such instrument with it and forward the second copy under registered post with acknowledgement due to the Sub-Registrar within the local limits of whose jurisdiction the whole or any part of the property charged or mortgaged is situated, as referred to in Section 9 (1), within 30(thirty) days from the date of execution of the instrument.

(2)

The Bank shall furnish the particulars of charge or mortgage in Form 'B' appended to these Rules created by the agriculturist in its favour to the Sub-Deputy Collector or any other Revenue Officer as may be designated by the State Government in whose jurisdiction the charge or mortgage is created as required under Section 10 of the Act.

(3)

On receipt of the particulars in Form 'B' of charge or mortgage, the Sub-Deputy Collector or any other Revenue Officer, as may be designated by the State Government, shall maintain the Records-of-Rights relating to the land over which the charge or mortgage is created in Form 'B' appended to these Rules as required under Section 10 of the Act.

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