(1) Where a mortgage is executed in favour of a Land De.
veiopment Bank, for payment of prior debts of the mortgagor, such bank shall, noththetanding anything contained in the Transfer of Property Act, 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 bank at its registered office within such period as may be specified in the notice.
(2) Where any such person fails to accept such notice or to receive such payments, such debts or part thereof as the case may be, shall cease to carry interest from the eXpiry of the period epeeified in the noslce :
Provided that Where there is a dispute as regards the amount of any such debt, the person to Whom such debts is due sbaii be bound to receive payment of the amount offered by the Land Development Bank towards the debts, but such receipt shall not prejudice the right, if any, of such person to recover the balance claimed by mm.