Section 140: Right of Housing Society to pay prior debts of mortgagor.

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

If a mortgage is executed in favour of Housing Society for payment of prior debts of the mortgagor, the society may notwithstanding anything contained in sections 82 and 84 of [the Transfer of Property Act, 1882 (4 of 1882)], by notice in writing require any person to whom any such debt is due to receive payment of such debt or part thereof from the Society at its registered office, within such period as may be specified in the notice. If such person fails to receive such notice or such payment, such debt or part thereof, as the case may be, shall cease to carry interest from the expiration of the period specified in the notice :

Provided that if there is dispute as regards the amount of any such debt, the person to whom such debt is due shall be bound to receive payment of the amount offered by the Housing Society towards the debt, but such receipt shall not prejudice the right, if any, of such person to recover the balance claimed by him.

Where this provision sits

Act	The Jammu and Kashmir Co-Operative Societies Act, 1989
Section	140
Marginal note	Right of Housing Society to pay prior debts of mortgagor.
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 by S.O. 3466 (E) dated 05.10.2020.

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