(1) A mortgage executed in favour of 15[a Co-operative Agriculture and Rural Multipurpose Development Bank] shall have priority over any claim of the Government arising from a loan granted after the execution of the mortgage, under the Land Improvement Loans Act, 1883 (XIX of 1883), or the Agriculturists Loans Act, 1884 (XII of 1884), or under any other law for the time being force.
(2) Notwithstanding anything contained in the 16Bombay Tenancy and Agricultural Lands Act, 1948 (Bom. LXVII of 1948), or any other corresponding law for the time being in force where a mortgage in favour of 17[a Co-operative Agriculture and Rural Multipurpose Development Bank] is in respect of land in which a tenant purchaser or tenant has an interest, the mortgage may be against the security of such interest, and the rights of the mortgage shall not be affected by the failure of the tenant purchaser or tenant to comply with the requirements of such law, and the sale of the land and his interest therein 1 These words were substituted for the words “mortgages and assets” by Mah. 5 of 1990, s. 5(b).
2 These words were inserted by Mah. 5 of 1990, s. 5(c).
3 These words were substituted for the words “State Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 8.
4 These words were substituted for the words “Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 8.
5 These words were Substituted for the words “Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 8.
6 These words were inserted by Mah. 5 of 1990, s. 6.
7 Section 118 was deleted by Mah. 10 of 1988, s. 24.
8 These words were Substituted for the words “Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 8.
9 These words were inserted by Mah. 5 of 1990, s. 7 (a).
10 These words were inserted by Mah. 5 of 1990, s. 7 (a).
11 These words were inserted by Mah. 5 of 1990, s. 7 (a).
12 These words were inserted by Mah. 5 of 1990, s. 7 (b).
13 These words were inserted by Mah. 5 of 1990, s. 7 (a).
14 These words were inserted by Mah. 5 of 1990, s. 7 (b).
15 These words were substituted for the words “an Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 8.
16 The short title of the Act has been amended as “the Maharashtra Tenancy and Agricultural Lands Act” by Mah. 24 of 2012, s. 2 and 3, Schedule, entry 33, with effect from the 1st May 1960.
17 These words were substituted for the words “an Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 8.
1961 : Mah. XXIV] The Maharashtra Co-operative Societies Act, 1960 99 under such law shall be subject to the prior charge of the 1[Co-operative Agriculture and Rural Multipurpose Development Bank].