Section 124(1) in The Manipur Co-operative Societies Act, 1976
(1)Where a mortgage is executed in favour of a land development bank for payment of prior debts of the mortgagor, such bank shall, notwithstanding anything contained in the Transfer of Property Act, 1882 (4 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 at its registered office, within such period as may be specified in t-he notice.
