Section 120 in The Maharashtra Co-Operative Societies Act, 1960
120. Priority of mortgage.
(1)A mortgage executed in favour of [a Co-operative Agriculture and Rural Multipurpose Development Bank] [These words were substituted for the words 'an Agriculture and Rural Development Bank' by Maharashtra 41 of 2005, (w.e.f. 25.8.2005), Section 8.], shall have priority over any claim of the Government arising from a loan granted after the execution of the. mortgage under the Land Improvement Loans Act 1883, or the Agriculturists' Loans Act, 1884, or under any other law for the time being in force.(2)Notwithstanding anything contained in the Bombay Tenancy and Agricultural Lands Act, 1948, or any other corresponding law for the time being in force, where a mortgage in favour of [a Co-operative Agriculture and Rural Multipurpose Development Bank] [These words were substituted for the words 'an Agriculture and Rural Development Bank' by Maharashtra 41 of 2005, (w.e.f. 25.8.2005), Section 8.] is in respect of land in which a tenant purchaser or tenant has an interest, the mortgage may be against the security of such interest, and the rights of the mortgage shall not be affected by the failure of the tenant purchaser or tenant to comply with the requirements of such law, and the sale of the land and his interest therein under such law be subject to the prior charges of [a Co-operative Agriculture and Rural Multipurpose Development Bank] [These words were substituted for the words 'an Agriculture and Rural Development Bank' by Maharashtra 41 of 2005, (w.e.f. 25.8.2005), Section 8.].
