(1) Notwithstanding anything contained in the Transfer of Property Act, 1882, where a power of sale without the intervention of the court is expressly conferred on the 1 [Central Mortgage Bank and the] Mortgage Bank by the mortgage deed, 2 [the Board or] the Committee of such bank or any person authorised by such Committee in this behalf shall, in case of default of payment of the mortgage money or any part thereof, have power in addition to any other remedy available to the bank to bring the mortgaged property to sale without the intervention of the court.
(2) No such power shall be exercised unless and until-
(a) the Board has previously authorised the exercise of the power conferred by sub-section (l) after hearing the objection as, if any of the mortgagor:
(b) notice in writing requiring payment of such mortgage money or part has been served upon-
(i) the mortgagor ;
Act IV of 1882
1. Ins. by Assam Act No. XXIV of 1964.
2. Ins. by Assam Act No. XXIV of 1964.
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(ii) any person who has any interest in or charge upon the property mortgaged or in or upon the right to redeem the same ;
(iii) any surety for the payment of the mortgaged debt or any part thereof ;
(iv) any creditor of the mortgagor who has in a suit for the administration of his estate obtained a decree for sale of the mortgaged property ; and
(c) default has been made in payment of such mortgage money or part thereof for three months after such service.
1 [11A. (1) Where advance is made against hypothecation of assets, the Mortgage Bank shall have power to put the assets on sale for default by the borrower of payment of instalment due.
(2) No such power shall be exercised unless;-
(a) notice in writing requiring payment of instalment due has been served upon the borrower ; and
(b) default has been made in payment of such instalments due for three months after such service.]
Application for sale and manner of sale.