State Act

The Maharashtra Co-operative Societies Act, 1960

125. Mortgages [and other instruments] executed by managers of joint Hindu families.— (1) Mortgages 20[and other instruments] in respect of loans by 21[a Co-operative Agriculture and Rural Multipurpose Development Bank] or the 1[State Co-operative Agriculture and Rural Multipurpose Development Bank] either before or after the commencement of this Act, by the manager of Hindu joint family for the improvement of agricultural land or of the methods of cultivation or for financing any other means to raise the productivity of the land, or for the purchase of land, 2[or for creation of new movable or immovable assets or for the purpose of acquisition, construction, rebuilding or repairing of a dwelling house in rural area] shall be binding on every member of such joint Hindu family, notwithstanding any law to the contrary. (2) In other cases, where a mortgage 3[or other instrument] executed in favour of 4[a Co-operative Agriculture and Rural Multipurpose Development Bank] or 5[State Co-operative Agriculture and Rural Multipurpose Development Bank] either before or after the commencement of this Act, is called in question on the ground that it was executed by the manager of a Hindu joint family for purpose not binding on the members (whether such members have attained majority or not) thereof, the burden of proving the same shall, notwithstanding any law to the contrary, lie on the party alleging it.