Section 87(1) in Karnataka Co-Operative Societies Act, 1959
(1)Where a mortgage is executed in favour of an [Agriculture and Rural Development Bank] [Substituted by Act 5 of 1984 w.e.f. 09.01.1984.] for payment of prior debts of the mortgagor, the Bank may, notwithstanding the provisions of sections 83 and 84 of the Transfer of Property Act, 1882, (Central Act IV of 1882) by notice in writing, require any person to whom any such debt is due, to receive payment of such debt or part thereof from the bank at its registered office within such period as may be specified in the notice.
