Amendment status not verified — confirm the current text below against the official source.
Money borrowed for development of land.-Where a pri- mary bank has granted a loan for Improvement of any land situated m any area o;: areas covered by any c..peclf,k programme of agri- cultural development, to a person appeurmg to the pnmary bank to have title to lhe s::nd land or to be m l3wful possesswn thereof, and the money has been either in whole or m part utilised for such Improvement, any person acquirmg title to such land on ground ct Pupenor title or on any other ground shall be hable to repay to the pnmary. hank so much of the loan as has been utihsed for the Improvem~nt of the land together with interest thereop.. · 15. Loans to persons having restncted rights of transfer.-(1) !'lotwtthstanding anythmg· contained in any law, custom or usage, where a pnmary bank makes a loan 0r an advance to a member belonging to a Scheduled Caste or Scheduled Tr.ibe or to- any other persun having restncted nghts of ahenatwn over Immovable pro- perty; it shall be competent to such. member or person to create a Gehan or mortgage or hypothecation on such property in favour ot such pnmary bank as secunty for such loan. ,.., . . (2) The pnmary bank, shall, in the event of default by the /~ member or person and wtthout prejudice to any other remedy avai- lablE: to it either under law or contract or otherwise, be entitled to take possessiOn of such prorerty and lease the same to any person belonging to the same caste or tribe as the member belongs ' I ,A- I . , 141 m case tbe defaulter is a member of a Scheduled Caste or Scheduled Tnbe and m any other case to any person and appropriate the nE:t receipts from the lease m repay·ment of the moneys due to it; and the member or p~r8on shall not bP entitled to r<:covcr pcssession ot such property until the amount due to the primary bank has oe~n repaid m full. 0 CHAPTER IV DISTRAINT AND SALE OF PRODUCE 0 H.i. Distramt when to be made.-(1) If any mstalment payable under a Gehan created or mortgage or hypothecatiOn executed in 1avour of the Agncultural Development Bank or a pnmary bank ur any part of such mstalment has remamed unpaid for more than one months from the }late on whtch It fell due, the Boatd or the comm1ttee may, m additiOn to any other remedy avatlable to 1t, nlJply to the Reg1sLrar or to any sale oftlcer appomted by the H.t.•gtstrar under sectwn 28 for the recc very of such mstalment or pa1;: thereof by distramt and sale of the woduce of the land to which the Gchart or the mortgage or hypothecatwn relates, mclud- mg the standmg ct·ops thereon and other movable property of the ~efaulter. (2) On receipt of an application under sub-section ll), the sale officer may, notw1thstandmg anythmg contamed m the Kerala Co- operative Societies Act, 1969 (21 of 1969), take such actwn as i~ necessary to dtstram and sell the produce and other movabie property: / Provided that no dtstramt shall be made after the expiry of thirty-six months from the date on which the instalment fell due. (3) The distraint shall not be excesstve and the value of the property dtstramed shall be, as nearly as possible, equal to the amount due and the expenses of the distraint and the cos1:s of the sale. • · . .