129. Powers of Agriculture and Rural Development Bank where mortgaged property is destroyed or security becomes insufficient.- Where any property mortgaged to an Agriculture and Rural Development Bank is wholly or partially destroyed, or for any reason the security is rendered insufficient and the mortgagor, having been given a reasonable opportunity by the repay such portion of the loan as may be determined by the bank, has failed to provide such security or to repay such portion of the loan, the whole of the loan shall be deemed to fall due at once; and the bank shall be entitled to take action against the mortgagor under section 132 or section 133 for the recovery thereof.
Explanation. - Security shall be deemed insufficient within the meaning of this section, unless the value of the mortgaged property (including improvements made thereon) exceeds the amount for the time being due on the mortgage by such proportion as may be specified in the rules, regulations or the by-laws of the Agriculture and Rural Development Bank.
| 