CA 459 Section 28

Section 28

SEC. 28. If, from any cause whatsoever, any of the securities specified for the loans or advances provided for in this Act or accepted by the Agricultural and Industrial Bank as security for loans or advances decline or depreci­ate in market value in part or as a whole, or if said se­curities are insufficient, or if the loans have become or are unsecured, or on non-performance of any promise made to secure the loan, the said Bank may demand additional securities, and if the debtor fails to submit such addi­tional securities, may forthwith declare any such obliga­tion due and payable and upon three days' notice, demand, sell, assign, transfer, and deliver the whole of said secu­rities or any part thereof, or any substitutes therefor, or any addition thereto, or any other securities or property given unto or left in the possession of, or hereafter given unto or left in the possession of, or hereafter given unto or left in the possession of the said Bank, or in any bank or corporation controlled by the Government, or in any of its branches, agencies, and instrumentalities, for safe­keeping or otherwise, at any broker's board or at public or private sale, at the option of said Bank: Provided, however, That if the securities consist of a real estate mortgage, the sale of the said securities shall be made after a judicial foreclosure of the mortgage or following the procedure provided for in Act Numbered Three thou­sand one hundred thirty-five, as amended.