Section 519

(1) When any mortgaged property is sold under these rules, the sale shall be subject to prior encumbrances on the property, if any. Encumbrance certificate form the Registration Department for the period of not less than twelve years prior to the date of mortgage under which it is proposed to be sold shall be furnished to the Sale Officer by the State Co-operative Bank concerned. (2) The sale shall be by public auction to the highest bidder provided that it shall be open to the Sale Officer to decline to accept the highest bid where the price offered appears to be unduly low or for other adequate reasons, and provided also that the Sale Officer may, at his discretion, adjourn the sale to some other specified day and hour, recording his reasons for such adjournment. Where a sale is so adjourned to period longer than seven days, a fresh proclamation shall be issued unless the mortgagor consents in writing to waive it.