Section 129 in The Maharashtra Co-Operative Societies Act, 1960
129. [ Powers of [a Co-operative Agriculture Rural Multi-purpose Development Bank] [Section 129 was substituted for the original by Maharashtra 5 of 1990, Section 13.] where mortgaged or encumbered property is destroyed or security becomes insufficient.
- Where any immovable or movable property mortgaged or encumbered in any other manner to [a Co-operative Agriculture Rural Multi-purpose Development Bank] [These words were substituted for the words 'an Agriculture and Rural Development Bank', 'Agriculture and Rural Development Bank' and 'State Agriculture and Rural Development Bank', by Maharashtra 41 of 2005, (w.e.f. 25-8-2005), Section 8.] is wholly or partially destroyed, or for any reasons the security is rendered insufficient and the mortgagor, having been given a reasonable opportunity by the bank to repay such portion of the loan as may be determined by the bank, has failed to provide such security or to repay such portion of the loan, the whole of the loan shall be deemed to fall due at once; and the bank shall be entitled to take action against the mortgagor under section 132 or section 133 for the recovery thereof.Explanation. - Security shall be deemed insufficient within the meaning of this section, unless the value of the mortgaged or encumbered property (including improvements made thereon) exceeds the amount for the time being due on the mortgage or encumbrance by such proportion as may be specified in the rules, regulations or the bye-laws of the [a Co-operative Agriculture Rural Multi-purpose Development Bank] [These words were substituted for the words 'an Agriculture and Rural Development Bank', 'Agriculture and Rural Development Bank' and 'State Agriculture and Rural Development Bank', by Maharashtra 41 of 2005, (w.e.f. 25-8-2005), Section 8.]
