Section 120(2) in The West Bengal Co-Operative Societies Act, 1983
(2)Notwithstanding the transfer and assignment of a mortgage, hypothecation, Gehan or any other charge as aforesaid,-(a)all moneys 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 rules 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 land development bank, the primary co-operative housing society or the primary co-operative credit society, as the case may be, and such payment shall be valid as if the mortgage had not been so transferred and assigned; and(b)the co-operative land development bank, the primary co-operative housing society or the primary co-operative credit society, as the case may be, shall, in the absence of any direction communicated to it, be entitled to sue on the mortgage or to take any other proceeding for the recovery of moneys due under the mortgage, hypothecation, Gehan or any other charge.
