Section 15 in The M.P. Shakari Krishi Aur Gramin Vikas Bank Adhiniyam 1999
15. Security for Loans.
(1)Notwithstanding anything contained in the Madhya Pradesh Co-operative Societies Act, 1960 (No. 17 of 1961), the State Development Bank or District Development Banks may accept any of the following securities for grant of loans on the basis of principles of valuation approved by the Registrar :-(i)Mortgage;(ii)Pledge;(iii)Hypothecation;(iv)Lien;(v)Government Guarantee;(vi)Surety;(vii)Bond;(viii)Guarantee; and,(ix)Promissory Note.(2)All loans advanced by and all amounts payable to or recoverable by the State Development Bank or District Development Banks shall, in case of default of payment, be recoverable as arrears of land revenue in addition to other remedies available to them.(3)In case a loan and interest thereon is not recovered from the borrower, it shall be recoverable from the surety or guarantor in such manner as may be prescribed.
