Section 13 in The U.P. Sahkari Gram Vikas Banks Act, 1964
13. Power of [Uttar Pradesh Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.] to receive moneys and grant discharges.
- Notwithstanding that a mortgage executed in favour of a [Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.] has been transferred, or is deemed under the provisions of Section 12 to have been transferred, to the [Uttar Pradesh Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.] -(a)all moneys due under the mortgage shall, in the absence of any specific direction to the contrary issued by the Board or the Trustee and communicated to the mortgagor, be payable to the [Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.] and such payment shall be as valid as if the mortgage had not been so transferred; and(b)the [Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.] shall, in the absence of any specific direction to the contrary issued by the Board or the Trustee and communicated to the [Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.], be entitled to the sue on the mortgage or take any other proceeding for the recovery of the amount due under the mortgage.
