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[Cites 0, Cited by 0] [Section 8(1)] [Section 8] [Entire Act]

State of Bihar - Subsection

Section 8(1)(d) in The Bihar Agricultural Credit Operations and Miscellaneous Provisions (Banks) Act, 1977

(d)Where different charges or mortgages over the same land or interest therein have been created by an agriculturist in favour of a cooperative society or a bank or more than one bank, any such charge or mortgage created as security for financial assistance given by the co-operative society or a bank or banks by way of term loan for development purposes shall have priority over other charges or mortgage created in favour of a co-operative society or any of the banks, provided notice of such financial assistance by way of term loan for development purposes has been given to such co-operative society or bank and such co-operative society or bank has concurred in such financial assistance and where more than one such charge or mortgage is created as security for financial assistance given by way of term loan, the charges or mortgage by way of security for term loan for development purposes shall rank for priority in accordance with the dates of their creation.