Distribution of sale proceeds

(1) The proceeds of every sale under this Chapter shall be applied by the sale officer first to payment of all costs, charges and expenses properly incurred by him as incidental to the sale or any attempted sale; secondly, in payment of all interest due on account of the Gehan or mortgage or hypothecation in consequence whereof the property was sold; thirdly, in payment of the principal money due on account of the Gehan or mortgage, or hypothecation; and lastly, the residue, if any, shall be paid to the person proving himself interested in the property sold or, if there are more such persons than one, then to such persons, according to their respective interest therein or upon their joint receipt. (2) Any person dissatisfied with the decision of the sale officer in regard to the distribution of such residue may, within thirty days of the communication to him of such decision, institute a suit in a court to establish the right he claims. (3) The sale officer shall not distribute such residue until thirty days have elapsed from the date of communication of his decision to all the persons concerned, or, if a suit has been instituted within the said period of thirty days by any such person and due notice thereof is given to him before the payment, until the suit is disposed of or otherwise than in accordance with the decision of the court thereon. (4) Any deficit occurring after the sale of the property may also be recovered in the manner provided in this Chapter from any other assets of the person who created the Gehan or executed the mortgage or hypothecation. Explanation.—In this section, "court" means the Civil court having jurisdiction to entertain a suit to enforce the Gehan or mortgage or hypothecation and within the limits of whose jurisdiction the property sold is situate.