Section 5 in The West Bengal Agricultural Credit Operations Act, 1973.
5. Priority of mortgages and charges. -
(1)Notwithstanding anything contained in any other law for the time being in force, where different mortgages or charges have been executed by an agriculturist in respect of the same land both in favour of a credit agency and in favour of any person then the mortgage or charge executed in favour of a credit agency shall have priority over the mortgage or charge in favour of such person irrespective of the fact whether the mortgage or charge in favour of the credit agency was executed before or after the date of the mortgage or charge in favour of such person.Explanation. - In this sub-section the word "person" shall not include the State Government or any Co-operative society.(2)Where in respect of the same land different mortgages or charges have been executed by an agriculturist in favour of,-(i)the State Government,(ii)a Co-operative society, and(iii)one or more credit agencies, such mortgages or charges shall rank for priority in accordance with the respective dates of their execution.(3)Notwithstanding anything contained in any other law for the time being in force, where different mortgages or chares have been executed by an agriculturist in respect of the same land for obtaining crop loan from one credit agency and a subsequent term loan from another credit agency then the mortgage or charge in relation to the subsequent term loan shall have priority over the mortgage or charge in relation to the crop loan provided the mortgage or charge in relation to such term loan was executed with the knowledge and consent of the credit agency providing the crop loan.
