Amendment status not verified — confirm the current text below against the official source.
(1) The proceeds of every sale under this Chapter shall be applied by the sale officer, first in payment of all costs, charges and expenses properly incurred by him as incidental to the sale or any attempted sale; secondly, in payment of all interest due on account of the mortgage in consequence whereof the mortgaged property was sold, thirdly, in payment of the principal money due on account of the mortgage; and lastly, the residue, if, any, shall be paid to the person proving himself interested in the property sold or if there are more such persons than one, then to such persons, according to their respective interest therein or upon their joint receipt. (2) (a) Any person dissatisfied with the decision of the sale officer in regard to the distribution of such residue may, within thirty days of the communication to him of such decision, institute a suit in a court to establish the right he claims. (b) The sale officer shall not distribute such residue until thirty days have elapsed from the communication of his decision to all the persons concerned, or, if a suit has been instituted within the said period of thirty days by any such person and due notice thereof is given to him before the payment, until the suit is disposed of or otherwise than in accordance with the decision of the court thereon. (3) Any deficit occurring after the sale of the mortgaged land may also be recovered in the manner provided in this Chapter from any other assets of the mortgagor. Explanation.-- In this section and in section 17 "court" means the civil court having jurisdiction to entertain a suit to enforce the mortgage and within the limits of whose jurisdiction the properly sold is situate.