Section 33 in The Punjab Co-operative Land Mortgage Banks Act, 1957
33. Power of a Primary Land Mortgage Bank to receive moneys and grant valid discharges notwithstanding assignment of mortgage deeds to the State Bank.
- Notwithstanding that a mortgage in favour of a Primary Land Mortgage Bank has been transferred, or is deemed under the provisions of section 25 to have been transferred, to the State Bank, -(a)all moneys due under the mortgage shall, in the absence of any specific direction to the contrary issued by the Board or Trustee and communicated to the mortgagor, be payable to the Primary Land Mortgage Bank and such payment shall be as valid as if the mortgage had not been so transferred; and(b)the Primary Land Mortgage Bank shall, in the absence of any specific direction to the contrary issued by the Board or Trustee and communicated to such Bank, be entitled to sue on the mortgage or take any other proceeding for the recovery of the moneys due under the mortgage.
