Section 11C in The Punjab Co-operative Land Mortgage Banks Act, 1957
11C. Mortgage to take precedence over other charges.
- In every case in which land stand mortgaged with a Mortgage Bank under section 11-B the said mortgage will take precedence over all the previous charges and mortgages on the said land whether created by act of parties or by operation of any law.Provided that in the matter of realisation, the amount due to the Central Government under a Central Act relating to the levy of any tax, for the time being in force, shall have priority over the dues of the Mortgage Bank.
