Section 129 in The Manipur Co-operative Societies Act, 1976
129. Powers of land development bank where mortgaged property is destroyed or security becomes insufficient.
- Where any property mortgaged to a land development bank is wholly or partially destroyed, or for any reason the security is rendered insufficient, and the mortgagor, having been given a reasonable opportunity by the bank to provide further security enough to render the whole security sufficient, or to repay such portion of the loan as may be determined by the bank, has failed to provide such security or to repay such portion of loan, the whole of the loan shall be deemed to fall due at once; and the bank shall be entitled to take action against the mortgagor under Section 132 or Section 133 for the recovery thereof.Explanation. - Security shall be deemed insufficient within the meaning of this section, unless the value of the mortgaged property (including improvement made thereon) exceeds 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 land development bank.
