Section 126 in Jammu and Kashmir Co-Operative Societies Act, 1989
126. Power of sale mortgage and property when and how to be exercised.
(1)Notwithstanding anything contained in the Transfer of Property Act, 1977, the Board or any person authorised by it in this behalf shall have power, in addition to any other remedy available to the Housing Federation to bring the mortgaged property to sale without the intervention of the Court.(2)No such power, shall be exercised unless. -(a)notice in writing requiring payment of such mortgage money or part thereof has been served upon.-(i)the mortgagor or each of the mortgagors;(ii)any person who has any interest or charge upon the mortgaged property or in or upon right to redeem the same so far as known to the Board;(iii)any surety for the payment of the mortgage debt or any part thereof; and(iv)any creditor of the mortgagor who has in a suit for the administration of his estate obtained a decree for the sale of the mortgaged properly;(b)default has been made in payment of such mortgaged money or part thereof for three months after service of the notice.
