(1) A mortgage executed in favour of a Land 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 Leans Act, 1883, or the Agriculturists’ Loans-Aet, 1884, or under any other law for the time being in force.
(2) Notwithstanding anything contained in the law for the time being in force, Where a mortgage in favour of a Land 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 under such law shall be subject to the prior charge of the Land Development Bank.
121. The mortgages executed in favour of, and all other assets transferred to a Land Development Bank, by the members thereof, with effect from the date of such execution or transfer, be deemed to have been transferred by such Land Development Bank to the State Land Development Bank,and shall vest in the State Land Development Bank.
122. Notwithstanding anything contained in the Indian Registration Act, 1908 it shall not be necessary to register mortgages executed in favour of the Land Development Banks, provided that the Land Development Bank concerned Bends Within such time and in such manner as may be prescribed, a copy of the instrument whereby property is mortgaged or leased to the Registering Officer Within the local limits of whose jurisdiction the whole or any part of the property mortgaged is situate, and such Registering Officer shall file a copy or copies as the case may be in his book No. 1 prescribed under section 51 of the Indian Registration Act, 1908.
53 Order granting loan conclusive of certain matters- Priority of mortgage.
Mortgages executed in favour of Land Development Bank to stand vested in State Land Development Bank.
Registration of Mortgage (or lease) in favour 08 Land Development Banks, 5i Mot tgages not to ~‘be questioned on insolveney of mortgagors Right of Land Dovelopment Bank to pay prior debts of mortgagor Mortgages exec uted by managers of joint Hindu families.
Section 8 of Act XXXII of 1956 to apply to mortgages to Land Development Banks subject to certain modification lestriction on lease
123. Nat withstanding anything contained in any Insolvency Act 0:
any eerresponding law for the time being in force in Manipur a Mortgage, executed in favour of a Land Development Bank, shall not he called in question in any insolvency proceedings on the ground that it was not executed in order to give the Bank a. preference over other creditors of the mortgagor.