State Act

The Maharashtra Co-operative Societies Act, 1960

120. Priority of mortgage.— (1) A mortgage executed in favour of 15[a Co-operative Agriculture and Rural Multipurpose Development Bank] shall have priority over any claim of the Government arising from a loan granted after the execution of the mortgage, under the Land Improvement Loans Act, 1883 (XIX of 1883), or the Agriculturists Loans Act, 1884 (XII of 1884), or under any other law for the time being force. (2) Notwithstanding anything contained in the 16Bombay Tenancy and Agricultural Lands Act, 1948 (Bom. LXVII of 1948), or any other corresponding law for the time being in force where a mortgage in favour of 17[a Co-operative Agriculture and Rural Multipurpose Development Bank] is in respect of land in which a tenant purchaser or tenant has an interest, the mortgage may be against the security of such interest, and the rights of the mortgage shall not be affected by the failure of the tenant purchaser or tenant to comply with the requirements of such law, and the sale of the land and his interest therein under such law shall be subject to the prior charge of the 1[Co-operative Agriculture and Rural Multipurpose Development Bank].