Distraint when to be made

(1) If any instalment payable under a Gehan created or mortgage or hypothecation executed in favour of or transferred or deemed to be transferred under section 38 to the State Bank or any part of such instalment has remained unpaid for more than one month from the date on which it fell due, the Board may, in addition to any other remedy available to the Bank apply to the Registrar, for the recovery of such instalment or part thereof by distraint and sale of the produce of land to which the Gehan or the mortgage or hypothecation relates, including the standing crops thereon and other moveable property of the defaulter. (2) On receipt of such application, the Registrar may notwithstanding anything contained in the Transfer of Property Act, 1882 (4 of 1882) or any other law for the time being in force, take such action as is necessary to distrain and sell such produce : Provided that no distraint shall be made after the expiry of twelve months from the date on which the instalment fell due. (3) The distress shall not be excessive, the value of the property distrained shall be, as nearly as possible, equal to the amount due and the expenses of the distraint and the cost of the sale. Any mistake, defect or irregularity in this respect shall not invalidate a distraint or sale made under this Act.