Section 126: Power of sale of mortgage and property when and how 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)], the Board or any person authorised by it in this behalf shall have power, in addition to any other remedy available to the Housing Federation to bring the mortgaged property to sale without the intervention of the Court.

(2) No such power, shall be exercised unless,—

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

(i) the mortgagor or each of the mortgagors ;

(ii) any person who has any interest or charge upon the mortgaged property or in or upon right to redeem the same so far as known to the Board ;

(iii) any surety for the payment of the 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 the sale of the mortgaged property ;

(b) default has been made in payment of such mortgaged money or part thereof for three months after service of the notice.

Where this provision sits

Act	The Jammu and Kashmir Co-Operative Societies Act, 1989
Section	126
Marginal note	Power of sale of mortgage and property when and how 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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