Section 15(3) in Executive Instructions Issued by the Board of Revenue, Orissa under the Orissa Fertilisers Loans Rules, 1965
(3)In case where lands containing trees and plantations are offered as security, the officer granting the loan should, in valuing them consider the possibility of plants of trees drying or decaying either naturally or through neglect before the complete discharge of the loan. The value of the security should be considered with reference to this contingency, it being kept in view that should the occasion arise, the loan dues could be fully satisfied by the sale of the lands offered as security despite fall in value on account of the deterioration of the trees or plantations. The officer competent to sanction the loan is personally responsible for proper valuation of the property offered as security.
