Section 150 in Uttarakhand Co-Operative Societies Act, 2003
150. Mortgagors.
- Notwithstanding anything contained in the Transfer of property Act, 1882 power to lease or to create other rights in the mortgaged any charged property or any other law for the time being in force, no property in respect of which a charge, hypothecation or mortgage has been made in favour of Uttarakhand State co-operative Bank shall be sold or otherwise transferred by the person making the charge hypothecation or mortgage until the entire amount of loan or advance taken by him from the Uttarakhand State co-operative Bank together with interest thereon is paid to the bank and any transaction made in contravention of this section shall be void:Provided that, if a part of the amount borrowed by a member is paid, the Uttarakhand State co-operative bank may, on application from the member release from the mortgage charge or hypothecation created or made in favour of the Bank, such part of the property or interest therein as it may deem proper with due regard to the security of the balance of the amount remaining outstanding from the member.
