Amendment status not verified — confirm the current text below against the official source.
The proceeds of every sale effected under section 134 and confirmed under section 136, shall be applied first in payment of all costs, charges and expenses incurred in connection with sale or attempted sales, secondly in payment of the interest due on account of the mortgage in consequence where of the mortgaged property was sold, and thirdly in payments of the principal dues on account of the mortgage including costs and charges incidental to the recovery. If there remains any residue from the proceeds of sale, the same shall be paid to the person proving himself interested in the property sold, or if there are receipt or according to their respective interest therein, as may be determined by the 90[land development bank]: Provided that, before any such payments are made— Bom. LXVIII of 1948 Confirmation of sale. Disposal of sale proceeds. [1962: Guj. X Gujarat Co-operative Societies Act, 1961 (a) the unsecured dues owned by the mortgagor to the 92[State Land Development Bank] or 91[Primary Land Development Bank ] may be adjusted, and (b) the unsecured dues owned by any members or past member of either of the abovementioned banks to whom the mortgagor is indebted may also be adjusted under the written authority given by such member and past member, and after holding such inquiry as may be deemed necessary.