- Notwithstanding that a mortgage executed in favour of a Primary [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank has been transferred, or is deemed under the provisions of section 121 to have been transferred, to the State [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank -
(a) all moneys due under the mortgage shall, in the absence of any specific direction to the contrary issued by the board of the State [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank or Trustee and communicated to the mortgagor, be payable to the Primary [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank and such payment shall be as valid as if the mortgage had hot been so transferred; and
(b) the Primary [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank shall, in the absence of any specific direction to the contrary issued by the board of the State [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank, or the Trustee and communicated to the Primary [Agriculture and Rural] [Substituted by section 5 of the Tamil Nadu Co-operative Societies (Amendment) Act, 1999 (Tamil Nadu Act 50 of 1999) which came into force on the 15th December 1999.] Development Bank, be entitled to-