Charge on crops and other movable property created in favour of a bank.

Finance197625 sections

Statutory text

(1) It shall be lawful for an agriculturist to create a charge on any movable property owned by him or on the crops raised by him, standing or otherwise or other produce from land cultivated by him, to the extent of his interest therein, in favour of a bank, notwithstanding that he may not be owner of the land on and from which the crop is raised.
(2) A bank may distrain and sell through such officer of the State Government as may be specified by the State Government in this behalf the crop of other produce or other movable charged to that bank to the extent of the agriculturists interest therein and appropriate the proceeds of such sale towards all moneys due to the bank from that agriculturist.

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