26. (1) When a borrower or his surety makes default in repayment ¹[* * *] or otherwise fails to comply with the terms of the agreement or letter of guarantee with the Corporation, the Corporation notwithstanding the provisions of any other law may, without the intervention of any Court, sell any property pledged, mortgaged, hypothecated or assigned by the borrower or his surety, to the Corporation by way of security. (2) Any transfer of property made by the Corporation in exercise of its powers under clause (1) shall vest in the transferee all rights in or to the property transferred as if the property had been sold to the transferee by the owner. (3) All sums due to the Corporation from the borrower or his surety shall be recoverable as arrears of land revenue.