Section 12 in The Orissa Fertilizers Loans Rules, 1965
12. Security.
(1)Ordinary a transferable interest in immovable property, such interest being in value not less than twice the amount of the loan proposed to be sanctioned, shall be deemed to be adequate security and the owner of such interest shall be required to mortgage the same as security for repayment of the loan.Note- The value of the interest shall be calculated after making allowance for the encumbrances to which the interest is subject.(2)A mere right to cultivate the land shall, in the absence of any other security, not be deemed an adequate security.(3)When the applicant does not possess any such interest, he may be called upon to procure some person or persons possessing an interest of the category specified in Sub-rule (1) and willing to stand surety or sureties for him for the repayment of his loan with costs, if any, for recovery of such loan together with interest thereon and in every such case the applicant shall provide personal security and shall execute a bond in Form 'C'
