Section 15 in The Punjab Co-operative Land Mortgage Banks Act, 1957
15. Power of sale when to be exercised.
(1)Notwithstanding anything contained in the Transfer of Property Act, 1882, or any other law for the time being in force, where a power of sale without the intervention of the Court is expressly conferred on the State Bank by the mortgage deed, the Board or any person authorised by such Board 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 State Bank, to bring the mortgaged property to sale without the intervention of the Court.(2)No such power shall be exercised unless and until -(a)the Board has previously authorised the exercise of the power conferred by sub-section (1) after hearing and deciding the objections, if any, of the mortgagor or any other person having any interest in the mortgaged property;(b)notice in writing requiring payment of such mortgage money or part 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;(III)any surety for the payment of the mortgage debt or any part thereof; and(IV)any creditor of the mortgagor who has in a suit for the administration of his estate obtained a decree for sale of the mortgaged property;(c)default has been made in payment of such mortgage money or part for six months after such service; and(d)the Registrar, in case where the amount claimed by the State Bank is disputed, has certified that the amount claimed or lesser amount is due from the mortgagor.
