State Act

The Maharashtra Co-operative Societies Act, 1960

128. 4[Co-operative Agriculture and Rural Multipurpose Development Bank] to receive money and give discharge.— Notwithstanding anything contained in section 121, all monies due under the mortgage shall unless otherwise directed by the 5[State Co-operative Agriculture and Rural Multipurpose Development Bank] or the Trustee and communicated to the mortgagor, be payable by the mortgagor to the 6[Co-operative Agriculture and Rural Multipurpose Development Bank], and such payment shall be as valid as if the mortgage had not been so transferred and the 7[Co-operative Agriculture and Rural Multipurpose Development Bank] shall in the absence of specific direction to the contrary, issued by the 8[State Co-operative Agriculture and Rural Multipurpose Development Bank] or Trustee and communicated to the bank, be entitled to sue on the mortgage or take any other proceeding for the recovery of the monies due under mortgage.