Cl) A mortg'lge executed in favour of the Central Mort gage Bank or a primary mortgage bank, as the case may be, after the comme.1cement of this Act, shr~ll have priority over any cloim of the Government arising from a loan under the Land Improvement Loans Act, 1883 (19 of 1883), or the Agricul turists' Loan~ Act, 1884 (12 of 1884). or Lhc Cochm Agl'lcultural Improvement Loan!:> Act, IV of 1093 or the Travancore Land lmprovemenb and Agricultural Loans Act (Travancore Act IX of 1094), granted after the execution of the mortgage.
(2) Notwithstanding any enactment or rule of law, a mort gage executed in favour of the Central Mortgage Bank or a pri mary mortgage bank, as the case may be, shall take precedence over any attachment or oral mortgage over the properties, where after publication of a notlce m the prescnbed form, such claim or intere~t has not been notdied to such Bank within the time prescnbed in the said notice.
(3) The Government may make rules ptescribmg the form of the notice under this section and the Ulanner of its publica tion.
29· Right of mortgage bank to pay prior. debts of lnortga gor.-Where a mortg"ge is executed m favour of the Central Mortgage .dank or a primary mortgage bank, a~ the case mr.y be, for payment of prior debts of ti1e mortgagor, such Bank may, notwithstandi:Jilg the provis10ns of sections 83 and ~4 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 pay• ment of such debt or part thereof from the Bank at its registered office within such period as may be specified in the notice. If any such person fa1ls 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, except in cases where such person proves to the satlsfac tio'l oi the Board or the Committee of the primary mortgage bank, as the case may be, that the failure to receive notice or payment was due to causes beyond Ius control:
Provided that where there is a dispute as regards the amount of any such debt, the per:.on to whom such debt is due shall be bound to receive payment of the amount offered by the Bank towards the debt, but such receipt shall not prejudice the right, if any, of such person to recover the balance claimed by him.