Section 88(5) in Jammu and Kashmir Co-Operative Societies Act, 1989
(5)Every person who applies for a loan from Primary Bank shall make a declaration in the prescribed form before an officer, specified by the Registrar in this behalf, that the movable or immovable property on which the mortgage or hypothecation or charge is created as security for the loan is free from encumbrances, that be in actual possession thereof and that he has right to create the mortgage or hypothecation, as the case may be, thereon in favour of the Primary Bank.
