Section 95 in Andhra Pradesh Co-Operative Societies Act, 1964
95. Power of [Financing Bank/Primary Agricultural Co-operative Society] [Substituted by Andhra Pradesh Act No. 1 of 1987.] to receive moneys and grant discharges.
- Notwithstanding that [a mortgage created in favour of] [Substituted by Andhra Pradesh Act No. 2 of 1999.] [Financing Bank/Primary Agricultural Co-operative Society] [Substituted by Andhra Pradesh Act No. 1 of 1987.] has been transferred, or is deemed under the provisions of Section 94 to have been transferred to the [Andhra Pradesh State Co-operative Bank Limited] [Substituted by Andhra Pradesh Act No. 14 of 1994, w.e.f. 30-4-1994.]-(a)all money due under the mortgage shall, in the absence of any specific direction to the contrary issued by the Board or/Trustee and communicated to the mortgagor, be payable to the [Financing Bank/Primary Agricultural Co-operative Society] [Substituted by Andhra Pradesh Act No. 1 1987.] and such payment shall be as valid as if the mortgage has not been so transferred ; and(b)the [Financing Bank/Primary Agricultural Co-operative Society] [Substituted by Andhra Pradesh Act No. 1 1987.] shall, in the absence of any specific direction to the contrary issued the Board of Trustees and communicated to the [Financing Bank/Primary Agricultural Co-operative Society] [Substituted by A.P. Act No. 1 of 1987.] be entitled to sue on the mortgage or take any other proceeding for the recovery of the moneys due under the mortgage.
