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Section 13: Power of Uttar Pradesh Gram Vikas Bank to receive moneys and grant discharges

The U P Sahkari Gram Vikas Bank Act 1964State Act of Uttar Pradesh · Act 16 of 1964

13. Power of [Uttar Pradesh Gram Vikas Bank] to receive moneys and grant discharges. - Notwithstanding that a mortgage executed in favour of a [Gram Vikas Bank] has been transferred, or is deemed under the provisions of Section 12 to have been transferred, to the [Uttar Pradesh Gram Vikas Bank] -

(a) all moneys due under the mortgage shall, in the absence of any specific direction to the contrary issued by the Board or the Trustee and communicated to the mortgagor, be payable to

the [Gram Vikas Bank] and such payment shall be as valid as if the mortgage had not been so transferred; and

(b) the [Gram Vikas Bank] shall, in the absence of any specific direction to the contrary issued by the Board or the Trustee and communicated to the [Gram Vikas Bank], be entitled to the sue on the mortgage or take any other proceeding for the recovery of the amount due under the mortgage.

Where this provision sits

ActThe U P Sahkari Gram Vikas Bank Act 1964
Section13
Marginal notePower of Uttar Pradesh Gram Vikas Bank to receive moneys and grant discharges
JurisdictionState of Uttar Pradesh
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, U.P. Act No. 19 of 1994. Subs. by U.P. Act No. 19 of 1994

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