Section 17 in The U.P. Sahkari Gram Vikas Banks Act, 1964
17. Power of [Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.] where mortgaged property is destroyed or security becomes insufficient.
- Where any property mortgaged to a [Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.] is wholly or partially destroyed or the security is rendered insufficient and the mortgagor, having been given a reasonable opportunity by the managing committee of the [Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.] of providing further security so as to render the security sufficient or of repaying such portion of the loan as may be determined by the committee, has failed to provide such security or to repay such portion of the loan the whole of the loan shall be deemed to fall due at once and the committee shall be entitled to take action against the mortgagor under this Act or any other law for the time being in force for the recovery thereof.Explanation. - A security shall be deemed insufficient within the meaning of this section if the value of the mortgaged property does not exceed the amount for the time being due on the mortgage by such proportion as may be specified in the rules, regulations or the bye-laws of the [Gram Vikas Bank] [Substituted by U.P. Act 19 of 1994.].
