Section 145 in Uttarakhand Co-Operative Societies Act, 2003
145. Power of Uttarakhand State co- operative Bank where mortgaged property is destroyed or security becomes insufficient.
- Where any property mortgaged to Uttarakhand State co-operative Bank is wholly or partially destroyed or the security is rendered insufficient and the mortgagor, having been given a reasonable opportunity by the managing committee of Uttarakhand State co-operative Bank of providing further security so as to render the security sufficient or of repaying such portion of the loan as may be determined by the committee, has failed to provide such security or to repay such portion of the loan, the whole of the loan shall be deemed to fall due at once and the committee shall be entitled to take action against the mortgagor under this Act or any other law for the time being, in force for the recovery thereof.Explanation. - A security shall be deemed in sufficient within the meaning of this section if the value of the mortgaged property does not exceed the amount for the time being due on the mortgage by such proportion as may be specified in the rules or the regulations made by the Uttarakhand State co-operative Bank.
