Section 127(1) in The Gujarat Co-Operative Societies Act, 1961
(1)Where a mortgage is executed in favour of a [Land Development Bank] [Substituted for the words 'Land Mortgage Bank' by Gujarat 24 of 1964] for payment of prior debts of the mortgagor, the [Land Development Bank] [Substituted for the words 'Land Mortgage Bank' by Gujarat 24 of 1964] shall, notwithstanding anything contained in Transfer of Property Act, 1882 (IV of 1882), by notice in writing, require any person to whom any such debt is due, to receive payment of such debt or part thereof from the bank as its registered office, within such period as may be specified in the notice.
