(1) Notwithstanding anything contained in any other law for the time being in force, where different mortgages or charges have been executed by an agriculturist in respect of the same land both in favour of a credit agency and in favour of any person then the mortgage or charge executed in favour of a credit agency shall have priority over the mortgage or charge in favour of such person irrespective of the fact whether the mortgage or charge in favour of the credit agency was executed before or after the date of the mortgage or charge in favour of such person.
Explanation.—In this sub-section the word "person" shall not include the State Government or any co-operative society.
(2) Where in respect of the same land different mortgages or charges have been executed by an agriculturist in favour of,—
(i) the State Government,
(ii) a co-operative society, and
(iii) one or more credit agencies, such mortgages or charges shall rank for priority in accordance with the respective dates of their execution.
(3) Notwithstanding anything contained in any other law for the time being in force, where different mortgages or chatges have been executed by an agriculturist in respect of the same land for obtaining crop loan from one credit agency and a subsequent term loan from another credit agency then the mortgage or charge in relation to the subsequent term loan shall have priority over the mortgage or charge in relation to the crop loan provided the mortgage or charge in relation to such term loan was executed with the knowledge and consent of the credit agency providing the crop loan.
Priority of mortgages and charges.
125 The West Bengal Agricultural Credit Operations Act, 1973.
[West Ben. Act (Sections 6-10.)
Mortgage and charge on land in favour of a credit agency by declaration.
6.. (1) Notwithstanding anything contained in any other law for the time being in force, an agriculturist who seeks to obtain financial assistance from a credit agency for carrying out any agricultural purpose shall, by a declaration submitted in such form and in such manner as may be prescribed, mortgage or charge the land owned by him as security for such financial assistance.
(2) Notwithstanding anything contained in the Registration Act, 16 of 1908.
1908, a mortgage of charge executed by an agiculturist through the declaration made under sub-section (1) shall be deemed to have been duly registered in accordance with the provisions of the said Act with effect from the date on which such mortgage or charge was executed provided that the credit agency shall forward, within such time and in such manner as may be prescribed, a copy of the declaration whereby the mortgage or charge was executed, to the Registering Officer within the local limits of whose jurisdiction the whole or any part of the property mortgaged or charged is situate and the Registering Officer shall file the said copy in his Book No. 1 prescribed under section 51 of the said Act.
(3) For the removal of doubts it is hereby declared that no duty under the Indian Stamp Act, 1899 or fee under the Registration Act, 1908 shall 2 of 1899.
be payable on a declaration referred to this section.
Recovery of 7. Any amount due from an agriculturist towards the financial dues of a credit assistance given to him by any credit agency shall be recoverable as an Ben. Act III agency as an arrear of land revenue under the Bengal Public Demands Recovery Act, of 1913.
arrear of 1913: land revenue.
Amendment 8. For the purposes of this Act any reference to Court in section of section 8 8 of the Hindu Minority and Guardianship Act, 1956 shall be construed of Act 32 of
1956. as reference to the ,Collector and the appeal against the order of the Collector shall lie to the Commissioner.
Exemption 9. It is hereby declared that nothing contained in section 14M of the West Bengal Land Reforms Act, 1955, shall apply to any land owned West Ben.
Act X as a raiyat by a credit agency. 1956. of Power to make rules