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Power of sale when to be exercised

§16

Summary

16. Power of sale when to be exercised. - (1) Notwithstanding anything contained in the Transfer of Property Act, 1882, where a power of sale without the intervention of court is expressly conferred on a 1[Gram Vikas Bank] 2[by a declaration of charge made or mortgage deed] executed before or after the commencement of this Act, the managing committee of such bank or any person authorised by such committee in this behalf shall, in case of default in payment of the 2[money due under the mortgage or charged or any part thereof, have power, in addition to any other remedy available to the said bank, to bring the property subject to any mortgage or charge to sale] without the intervention of the court. (2) No such power shall be exercised unless- (a) a notice in writing requiring payment of such mortgage money or part has been served upon- (i) the mortgagor or each of the mortgagors; (ii) any person who has to the knowledge of the bank any interest in or charge upon the property mortgaged or right to redeem the same; (iii) any surety for the payment of the mortgage debt or any part thereof; and (iv) any creditor of the mortgagor who has in a suit for the administration of his estate obtained a decree for sale of the mortgaged property; (b) default in payment of such mortgage money or part thereof continued beyond three months after such service; and (c) the Board has, after hearing the objections, if any, of the mortgagor or any other person mentioned in clause (a) authorised the exercise of such power. (3) A sale under this section shall be conducted in such manner, as may be prescribed. 3[(4) Where any property sold under this Act in the occupancy of any person creating mortgage or charge, or of some person on his behalf, or of some person claiming title subsequent to the creation of such mortgage or charge in favour of a 1[Gram Vikas Bank] or the 1[Uttar Pradesh Gram Vikas Bank], the Collector shall, on the application of the purchaser, order delivery to be made by putting such purchaser or any person appointed by him in this behalf, in possession of the property.] 4[(5) A sale under this section of an agricultural holding or any other immovable property or of any interest therein shall be subject to the provisions of Sections 157-A and 157-B of Uttar Pradesh Zamindari Abolition and Land Reforms Act, 1950].

16. Power of sale when to be exercised. - (1) Notwithstanding anything contained in the Transfer of Property Act, 1882, where a power of sale without the intervention of court is expressly conferred on a 1[Gram Vikas Bank] 2[by a declaration of charge made or mortgage deed] executed before or after the commencement of this Act, the managing committee of such bank or any person authorised by such committee in this behalf shall, in case of default in payment of the 2[money due under the mortgage or charged or any part thereof, have power, in addition to any other remedy available to the said bank, to bring the property subject to any mortgage or charge to sale] without the intervention of the court. (2) No such power shall be exercised unless- (a) a notice in writing requiring payment of such mortgage money or part has been served upon- (i) the mortgagor or each of the mortgagors; (ii) any person who has to the knowledge of the bank any interest in or charge upon the property mortgaged or right to redeem the same; (iii) any surety for the payment of the mortgage debt or any part thereof; and (iv) any creditor of the mortgagor who has in a suit for the administration of his estate obtained a decree for sale of the mortgaged property; (b) default in payment of such mortgage money or part thereof continued beyond three months after such service; and (c) the Board has, after hearing the objections, if any, of the mortgagor or any other person mentioned in clause (a) authorised the exercise of such power. (3) A sale under this section shall be conducted in such manner, as may be prescribed. 3[(4) Where any property sold under this Act in the occupancy of any person creating mortgage or charge, or of some person on his behalf, or of some person claiming title subsequent to the creation of such mortgage or charge in favour of a 1[Gram Vikas Bank] or the 1[Uttar Pradesh Gram Vikas Bank], the Collector shall, on the application of the purchaser, order delivery to be made by putting such purchaser or any person appointed by him in this behalf, in possession of the property.] 4[(5) A sale under this section of an agricultural holding or any other immovable property or of any interest therein shall be subject to the provisions of Sections 157-A and 157-B of Uttar Pradesh Zamindari Abolition and Land Reforms Act, 1950].

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