Section 130 in West Bengal Co-operative Societies Act, 2006
130. Power to Co-operative agriculture and rural development bank etc. to receive money notwithstanding transfer of mortgage deed to West Bengal State Co-operative agriculture and rural development bank etc.
(1)Where a Co-operative agriculture and rural development bank or a housing Co-operative society or a primary Co-operative credit society including primary agricultural credit Co-operative society advances money on a mortgage, hypothecation, Gehan or any other charge out of the funds borrowed wholly or in part from the West Bengal State Co-operative agriculture and rural development bank or the apex housing Co-operative society or a financing bank, as the case may be, such mortgage, hypothecation, Gehan or any other charge shall be deemed with effect from the date of execution thereof to have been transferred by the Co-operative society or the primary co-operative credit society including primary agricultural credit co-operative society to the West Bengal State Co-operative Agriculture and Rural Development Bank or Apex Housing society or the financing bank, as the case may be, and such mortgage, hypothecation, Gehan or any other charge which shall be deemed to have been transferred to the West Bengal State Co-operative agriculture and rural development bank or apex housing society or the financing bank, as the case may be, or shall be deemed to have been assigned to the trustee.(2)Notwithstanding the transfer and assignment of mortgage, hypothecation, Gehan or any other charge as aforesaid,-(a)all money due under the mortgage shall, in the absence of any specific direction to the contrary issued by the Registrar or a trustee in accordance with the provisions of this Act and communicated to the mortgagor or any person liable under a hypothecation, or a Gehan or any other charge, be payable to the Co-operative agriculture and rural development bank, the primary housing co-operative society or the primary credit Co-operative society including primary agricultural credit co-operative society, as the case may be, and such payment shall be valid as if the mortgage, hypothecation, Gehan or any other charge had not been so transferred or assigned; and(b)the Co-operative agriculture and rural development bank, the primary housing Co-operative society or the primary credit Co-operative society including primary agricultural credit co-operative society, as the case may be, shall, in the absence of any such direction communicated to it, be entitled to sue on the mortgage, hypothecation, Gehan or any other charge.
