Section 12
Power of sale when to be exercised.-(!) Notwithstanding anything contained in the Transfer of Properly Act, 1882 (4 of 1882), where a power of 5ale without the intervention of the court is expressly conferred on the Central Mortgage Bank or a primary mortgage bank, by the mortgage deed, the Board' or the Committee of such primary mortgage bank, or any pe;son authorised by the Board or such Committee, as the case may be shall, in case of default of payment of the mortgage money or any part thereof have power, in addition to any other remedy available to them, to bring the mortgaged property to sale with-
12. Power of sale when to be exercised.-(!) Notwithstanding anything contained in the Transfer of Properly Act, 1882 (4 of 1882), where a power of 5ale without the intervention of the court is expressly conferred on the Central Mortgage Bank or a primary mortgage bank, by the mortgage deed, the Board' or the Committee of such primary mortgage bank, or any pe;son authorised by the Board or such Committee, as the case may be shall, in case of default of payment of the mortgage money or any part thereof have power, in addition to any other remedy available to them, to bring the mortgaged property to sale with-
hiif h g
out the intervention of the court.
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No such power shall be exercised unless-
( a) the Board or such Committee has given an opportunity to the mortgagor or mortgagors to show cause wny the property may not be sold w1thout the intervention of court;
(b) notice in wri tmg requiring payment of such mortgage money or part thereof has been served upon-
the mortgagor or each of the mortgagors ;
(il) any person who has auy interest in or charge upon the property mortgaged or m or upon the r1ght to redeem the same ;
(lii) any surety for the payment of the mortgage debt or any part thereof ; and
(1v) any creditor of the mortgagor, who has in a suit for the administratiOn of hi'> estate obtamed a decree for sale of the mortgaged property ; and
(c) default has been made in payment of such mortgage money or part thereof for three months after such service :
Prov1dPd that the obligation to give such nobce under subclauses (ii) and (iv) of clause (b) shall be confined to cases where the Boa1d or the Committee has notice of such claims:
Provided further that where a mortgage has been executed by the members of a marumakkathayam Tarwad or Ndmbudiri Iilom or Aliyasantana family, it shall be necessary to send notice under tl1is sub-section only to seniormost members thereof.
lS. Application for sale and manner of sale.-(1) For exercising the power of sale conferred by section 12, the Board or the Comm1ttee or any other person duly authorised by the Board or such Committee, as the case may be, may apply to the sale officer appomted m that behalf un 1er section 21 to ,.ell the mortgaged property or any part thereof and such officer shall, after g1ving notice m writmg to all the persons refet·red to in section 12, sell such property m the manner prescribed . .
. (2) The ~ale shall be by public auction a~d s shall be held 10 the village where the mortgaged property is situate or at the nearest place of public resort 1f the sale officer is of opinion that the property is hkely to sell to better advantage there.