(a) any charge or mortgage created by an agriculturist on any land or interest therein, in favour of a bank, as security for financial assistance given to him by that bank, shall after the commencement of this Act, if prior in time have priority over any subsequent charge or mortgage in favour of Government or a co-operative society; and
(b) any charge or mortgage created by an agriculturist on any land or interest therein in favour of a bank, as security for financial assistance given to him by that bank shall have priority over any other charge or mortgage in or over such land or interest therein in favour of any person other than Government or co-operative society or any other bank notwithstanding that such other charge or mortgage is prior in time to the charge or mortgage created in favour of the bank as security; for financial assistance given to such agriculturist.
(i) to borrowings only from one or more co-operative societies, and
(ii) to the recovery of sums due to Government as arrears of land revenue.
Section 7 • The Gujarat Agricultural Credit (Provision of Facilities) Act, 1979
7. Priority of charges and mortgages in favour of a bank, Government and cooperative society.
the-gujarat-agricultural-credit-provision-of-facilities-act-1979-sec-7.json
•
Section 7
{
"act_title": "The Gujarat Agricultural Credit (Provision of Facilities) Act, 1979",
"act_slug": "the-gujarat-agricultural-credit-provision-of-facilities-act-1979",
"section_label": "Section",
"section": {
"number": "7",
"title": "7. Priority of charges and mortgages in favour of a bank, Government and cooperative society.",
"chapter": null,
"content": "(a) any charge or mortgage created by an agriculturist on any land or interest therein, in favour of a bank, as security for financial assistance given to him by that bank, shall after the commencement of this Act, if prior in time have priority over any subsequent charge or mortgage in favour of Government or a co-operative society; and\n(b) any charge or mortgage created by an agriculturist on any land or interest therein in favour of a bank, as security for financial assistance given to him by that bank shall have priority over any other charge or mortgage in or over such land or interest therein in favour of any person other than Government or co-operative society or any other bank notwithstanding that such other charge or mortgage is prior in time to the charge or mortgage created in favour of the bank as security; for financial assistance given to such agriculturist.\n(i) to borrowings only from one or more co-operative societies, and\n(ii) to the recovery of sums due to Government as arrears of land revenue.",
"footnote": "",
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"sort_order": 6
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"next_section": "8"
}