Mortgage of land by bhumidhar with non-transferable rights : - Subject to the provisions of this Code, the interest of a bhumidhar with non-transferable rights in any holding or its part may be- 

(a) transferred by mortgage without possession as security for a loan taken or to be taken from the State Government or a bank or a cooperative society or the U.P. State Agro Industrial Corporation Ltd., or any other financial institution owned and controlled by such Government; 

(b) sold in execution of a decree of any Court regarding the matter referred to in clause (a) or in proceedings for collection of land revenue under Chapter XII.