Section 100: Power of sale when to be exercised.

The Jammu and Kashmir Co-Operative Societies Act, 1989Union territory Act of Jammu and Kashmir · Act 10 of 1989

(1) Notwithstanding anything contained in [the Transfer of Property Act, 1882 (4 of 1882)], and where a power of sale without the intervention of the court is expressly conferred on the Agriculture and Rural Development Bank by the mortgage deed and 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 (1) after hearing the objections, if any, of the mortgagor ;

(b) notice in writing requiring payment of such mortgage money or part thereof has been served upon

(i) the mortgagor ;

(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 mortgage debt or any part thereof ; and

(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 ;

Where this provision sits

Act	The Jammu and Kashmir Co-Operative Societies Act, 1989
Section	100
Marginal note	Power of sale when to be exercised.
Jurisdiction	Union territory of Jammu and Kashmir
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

substituted. Substituted for the Transfer of Property Act, Samvat 1977 by S.O. 3466 (E) dated 05.10.2020.

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