Section 133 in The Manipur Co-operative Societies Act, 1976
133. Sale of mortgaged property.
(1)Notwithstanding anything contained in the Transfer of Property Act, 1882 (4 of 1882); the land development bank or any person authorised by it in this behalf shall, in case of default of payment of the mortgage money or any part thereof, have power, in addition to any other remedy available to the bank, to bring the mortgaged property to sale by public auction in the village in which the mortgaged property is situate or at the nearest place of public resort, within the intervention of the court:Provided that no action shall be taken under this sub-section and no such power shall be exercised, unless and until-(a)the land development bank has been previously authorised to exercise the powers conferred under this sub-section after hearing the objections, if any, of the mortgagor or mortgagors;(b)notice in the writing requiring payment of such mortgage money or part thereof has been served upon-(i)the mortgagor or each of the mortgagors,(ii)any person who has any interest in, or charge upon, the property mortgaged, or in or upon the right to redeem the same so far as is known to the bank.(iii)any surety for the payment of the mortgaged debt or any part thereof, and(iv)any creditor of the mortgagor who has in a suit for administration of his estate obtained a decree for sale of the mortgaged property; and(c)default has been made in payment of such mortgage money or part thereof, for thee months after service of the notice.(2)If the land development bank fails to take action against a defaulter under Section 129 or Section 132 or under this section, the State Land Development Bank may direct the land development bank to take appropriate action, and where no action is taken either by the State Land Development Bank or the land development bank the Trustee may take such action. If such action is taken by the Trustee, the provisions of this Chapter and of any rules prescribed shall apply in respect thereto, as if all references to the land development bank in the said provisions were references to the Trustee.(3)Notwithstanding anything contained in any law for the time being in force, it shall be lawful for the primary land development bank or the State Land Development Bank to purchase any mortgaged property sold under this Chapter.
