Himachal Pradesh Co-operative Agriculture and Rural Development Banks Act, 1979 17Chapter V · Grant of Loans-Mode thereof

Section 17 · The [Agriculture and Rural Development Bank] [Substituted for the words 'Land Development Bank' vide Act No. 16 of 1987 w.e.f. 16-11-1987.] to have prior charge on land

- [1] [Section 17 remembered on 17(1) and new Sub-Section (2) added vide Act No. 16 of 1987 w.e.f. 16-11-1987.] Notwithstanding anything contained in any law for the time being in force in the State where a [gehan created or mortgage or hypothecation executed] [Substituted for 'mortgage vide Act No. 16 of 1987 w.e.f. 16-11-1987.] in favour of [Agriculture and Rural Development Bank] [Substituted for the words 'Land Development Bank' vide Act No. 16 of 1987 w.e.f. 16-11-1987.] is in respect of land in which a tenant purchaser or tenant has an interest, the [gehan created or mortgage or hypothecation executed] [Substituted for 'mortgage vide Act No. 16 of 1987 w.e.f. 16-11-1987.] may be against, the security of such interest, and foe rights of the [Agriculture and Rural Development Bank] [Substituted for 'mortgage' vide Act No. 16 of 1987 w.e.f. 16-11-1987.] shall not be affected by the failure of the tenant purchaser or tenant to comply with the requirements of, such law and the sale of the land and his interest therein under such law shall be subject to the prior charge of the [Agriculture and Rural Development Bank] [Substituted for the words 'Land Development Bank' vide Act No. 16 of 1987 w.e.f. 16-11-1987.].

(2)

[ Notwithstanding anything contained in any law for the time being in force, a gehan created or mortgage or hypothecation executed in favour of the Agriculture and Rural Development Bank or a Primary Agriculture and Rural Development Bank shall take precedence over any attachment or equitable mortgage over the properties where, after publication of a notice in the prescribed form, the claim or interest under such attachment or equitable mortgage has not been notified to such bank within the time prescribed in the said notice.] [Section 17 remembered on 17(1) and new Sub-Section (2) added vide Act No. 16 of 1987 w.e.f. 16-11-1987.].

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