(1) Notwithstanding anything contained in any law for the time being in force, mortgages executed after the commencement of this Act by the manager of a Joint Hindu family in favour of a bank for securing financial assistance for agricultural purpose shall be binding on every member of such Joint Hindu family.
(2) Where a mortgage executed in favour of a bank is called in question on the ground that it was executed by the manager of a Joint Hindu family for a purpose not binding on the members (whether such members have attained majority or not) thereof, the burden of proving the same shall lie on the party alleging it.
28. Section 8 of the Hindu Minority and Guardianship Act, 1956, shall apply to mortgage in favour of a bank subject to the modification that reference to the court therein shall be construed as reference to the Collector or his nominee and the appeal against the order of the Collector or his nominee shall lie to the Commissioner.