Amendment status not verified — confirm the current text below against the official source.
Sale of property distrained.- (1) If, within fifteen days from the date of service of the demand referred to in section 24, the defaulter does not pay the amount for which the distraint was affected, the distrainer may sell in auction the distrained property or such part thereof as may in his opinion be necessary to satisfy the demand together with the expenses of the distrait and cost of the sale. (2) From the proceeds of such sale, a deduction shall be made at a rate not exceeding 5 paisa in a rupee on account of the cost of the sale. (3) From the balance shall be deducted the expenses incurred by the distrainer on account of the distraint. (4) The remainder, if any, shall be applied to the discharge of the amount for which distraint was made. (5) The surplus, if any, shall be delivered to the person whose property has been sold and he shall be given a receipt for the amount discharged from the proceeds of sale. CHAPTER VII SALE OF MORTGAGED PROPERTY 1[26. Power of sale when to be exercised.- (1) Notwithstanding anything contained in the Transfer of Property Act, 1882 (4 of 1882) or any other law for the time being in force, where a gehan or mortgage or hypothecation has been created or executed moveable or immoveable property in accordance with the provisions of sub-section (1) of section 12 in favour of the Agriculture and Rural Development Bank or a Primary Agriculture and Rural Development Bank, the Board or the Committee of such bank or any person authorised by the Board or such Committee shall, in case of default in the payment of sums due to the bank, have power, in addition to any other