Amendment status not verified — confirm the current text below against the official source.
(1) lf, within 15 da's from the date of service per~ ddis- of dew a id rtf~ rred to in Section 9, the defaulter does trame • h · 1· h' h h d ' rr d not pay t e amount or w. ic L _e 1~tram t was euecte , the distrainer may sell, in auction, the distrained property or such i:;art thereof, as n,ay in his upinion be necessary to satisfy the demand together with the expenses of the distraint and 1he coat of the sale. (2) Frum the proceeds of such $ale, a deduction shall be made at a rate not exceeding 6 naye paise in the 1upee on account of the co5t of the sale (3) From the balance shall be deducted the expen- ses incurred by the distrainer on account of the distraint. (4) The remainder, shall he applied to t1ae dis- charge of the arn otu t for which the . <lisll aint was made. (5) The surplus, if any ~ hall be del ivered to the person whose prope1ty has been sold and he }hall le given a receipt for the am0unt discha1ged f1om the proceed~ of the sale. 7 Power of sale 11 ( l) Notwithsta,1ding anythin"" contained in theAct IV of h b • "' 1"82 ~e~~i:~d . eTransfer of Pr1perty Act, 188 !, where a p_ower of 0 sale without the intervention of the comt \s exµresfily confrrreu on the Mortga~e Bank by the mortg a~e deed, the Committee of such bank or any person authorised by such Com-mittee in this behalf shall, in case ·of defalt of paym.mt of the mo1tgdge money or any El.art thereof, have power in addition to any other remedy available to the bank ro bring the mortgaged property to sale without the intervention of the court (2) No such power ;hill be execcised unles~ and until- ( a) (b) the Bo::1.c·d h::is previouily a c1 horised the exercise of the power confeued by su1J- section ( l) after hearing t'.1e objection<>, if any of 1 he mor· g 1gor : notice in wri~ing requiring payment of farh mortgage money or part has been served upon- (i) the mortgagor : (ii) any person ..... ho has any intere3 ~ in or charge ppon the property mc•rtg::i.o,;ed or in or upon the right to red('em the same ; (iii) any surety for the payment of the mortgaged d ~bt or a!ly part thereof ; (iv) any credibr of the mortgagor who ha~ in a suit for the adminis1ration of his estal'e obtained a decree for sale of the mortgaged property ; and (c) default ha~ beeu PJade in payment of such mortgage money or ·part thereof for three months after such service. Application