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Chapter XI AGRICULTURE AND RURAL DEVELOPMENT BANKS

Statutory text

(1) If any installment payable under a mortgage, hypothecation deed, loan bond, surety bond or other instruments executed in favour of the Agriculture and Rural Development Bank, or any part of such installment, has remained unpaid for more than one month from the date on which it fell due, the bank shall, in addition to any other remedy available to the bank, apply to the Registrar for recovery of such installments or part thereof, by distrait and sale of the produce of the mortgaged or otherwise encumbered land and properties of and on such land including the standing crops thereon, or the movable property encumbered under hypothecation deed or loan bond. The installments due or any part thereof, shall also be recoverable by distrait and sale of the new property created by the debtor by converting the original movable property for which the loan was granted by the bank.
(2) On receipt of such application, the Registrar, shall notwithstanding anything contained in the Transfer of Property Act, 1882, take action in the manner prescribed for the purpose of distaining and selling of the produce or the properties referred to in sub-section (1)

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