Section 97 in Jammu and Kashmir Co-Operative Societies Act, 1989
97. Power of Agriculture and Rural Development Bank to receive money and grant discharges.
- Notwithstanding that a mortgage executed in favour of an Agriculture and Rural Development Bank has been transferred, or is deemed under the provisions of section 93 to have been transferred to the State Agriculture and Rural Development Bank-(a)all moneys due under the mortgage, shall, in the absence of any specific direction to the contrary issued by the Board or Trustee and communicated to the mortgagor, be payable to the Agriculture and Rural Development Bank and such payment shall be as valid as if the mortgage had nut been so transferred; and(b)the Agriculture and Rural Development Bank shall, in the absence of any specific direction to the contrary issued by the Board or Trustee and communicate to the Agriculture and Rural Development Bank, be entitled to sue on the mortgage or take any other proceeding for the recovery of the moneys due under the mortgage.
