Distraint when to be made

Finance193438 sections4 chapters

Chapter III DISTRAINT AND SALE OF PRODUCE

Statutory text

(1) If any instalment payable under a mortgage executed in favour of a primary land development bank or any part thereof has remained unpaid for more than one month from the date on which it fell due, the committee may, in addition to any other remedy available to the bank, apply to the Registrar or to any person appointed by the State Government for the recovery of such instalment, or part, by distraint and sale of the produce of the mortgaged land including the standing crops thereon. On receipt of such application, the Registrar or such person may, notwithstanding anything contained in the Transfer of Property Act, 1882, 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.
(2) 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.

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