Section 7(3) in The Karnataka Agricultural Credit Operations and Miscellaneous Provisions Act, 1974
(3)Where more than one charge or mortgage had been created or executed as security for the financial assistance given as term loan for development purposes, the charges or mortgages shall have priority in accordance with the dates of their creation or execution.Explanation. - For the purposes of this section, ''term loan for development purposes'' means financial assistance which would generally lead to improvement of agriculture and or building up of assets in agriculture but shall not include financial assistance for meeting working capital expenses, seasonal agricultural operations and marketing of crops.
