Section 11B(1) in The Punjab Co-operative Land Mortgage Banks Act, 1957
(1)As soon as the first instalment of loan is disbursed, the landowner on whose behalf the loan is disbursed shall be deemed to have become member of the Mortgage Bank which advanced the loan and the land of such landowner specified in the scheme shall stand mortgaged with the Bank by way of simple mortgage as security for the recovery of the loan and interest thereon. The copy of the scheme forwarded to the bank by the department shall constitute the title deed for the aforesaid mortgage.
