Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsDefault in respect of one of several loans on same property
| 47. In any case where two or more loans have been granted by the Bank on the security of the same property and default is made in the payment of any sum due upon any one or more of such loans, the foregoing provisions of this Act shall apply notwithstanding that default may not have been made in respect of the other loan or any of the other loans, and the Board of Directors may, in any such case, by resolution under section 41 authorize the sale of the property for the recovery of the total amount due to the Bank in respect of both or all the loans, as the case may be, and the provisions of this Act shall apply accordingly. |