Section 120 in The Manipur Co-operative Societies Act, 1976
120. Priority of mortgage.
(1)A mortgage executed in favour of a land development bank, shall have priority over any claim of the Government arising from a loan granted after the execution of the mortgage under the Land Improvement Loans Act, 1883, or the Agricultural Land Act, 1884 or under any other law for the time being in force.(2)Notwithstanding anything contained in the law for the time being in force, where a mortgage in favour of a land development bank is in respect of land in which a tenant purchaser or tenant has an interest, the mortgage may be against the security of such interest, and the rights of the mortgagee shall not be affected by the failure of the tenant purchaser or tenant to comply with the requirements of such law, and the sale of the land and his interest therein under such law shall be subject to the prior charge of the land development bank.
