Amendment status not verified — confirm the current text below against the official source.
Appltcation to set aside sale on deposit and wnfirmation of sale in defa.ult or on dtSmtSsal of such applwatwn.-(1) When a property has been sold unde'r this Chapter, any person having a .. 144 ~ight or interest therem affected by the sale may, at any time wi~hin thirty da.ys from the date of the sale, apply to the sale officer concerned to have tht: sale Stt aside on h1s depos1tmg vnth the sale officer- - 1 (a) for payment to the Agricultural Development Bank or the primary bank, as the 'case rna¥ be, the amount ~pecified m the proclamatiOn ot sale together w1lh subsequent mtetest and the costs, If aiJ.y, mcurred by the bank m brmgmg the property to sale; and (b) for payment to the purchaser a sum equal to five per cent of the purchase money. . . (2) If such depos1t is made, the sale officer· may make an order settmg as1de the sale. (3) Where no applicatiOn with deposit is made under sub- section (1) or where such applicatiOn IS made and di:;allowed, the sale officer may apply to the Registrar or any other officer empowered by him in this regard to make an order confirmmg the sale anci, on the Registrar or such officer confirmmg the sale, 1t <Jhall become absolute and the property 5hall be' deemed to have vested m the purchaser from the •t1me the property Is sold. 2~. Distnbution , f sale proceed..~.-(1) The pr<..eeds of ever) sale undeJt this Chapter :;hall be applied by .the sale of.1cer first w payment ot all cosL!", charges and expenses properly lllCurred by hlm as dncidental to the sale or any 8-ttempted sale; secondly, m payment of all interest due on account of the Gehan c.r mortgage or hypothecatiOn m ccnsequence whereof the properly was sold; thirdly, m payment of the prmc1pal money due on accoLmt of .the Gehan or mortgage, or hypothecatiOn; and lastly, the: res1due, If any, shall be pa1d to t!1e person provmg h1mself mterested m the property sold or, .1f there are rpore such persons than OJ!e, then to such persons, a~cordmg to the1r respective mte~est ther.~m or upon their Jo.mt rece1pt. • (2) Any person dissatisfied w1th the dec1s1on 'of the sale officer in regard to the distribution of such residue may, withm thirty days of the commumcatwn to h1m of such deCH>'<m, mstitute a smt m a court to establish the right he claufls. • . (3) The sale officer shall nol 'distribute such 1 c.:s1due until thirtY' days have elapsed from the dat~ of commumca~ion of his decisiOn to all the persons concerned, or, If a smt has bccu .mst1tuted within the said periOd of thirty days by any such person and due notice thereof IS given to hmi before the payment, unt" the smt is • disposed of or otherwise than m acco_rdance with the decision of the court thereon. I I ~' '- 145 (4) Any deficit occurring aiter the sale of the property may also be recovered m the manner provided m th1s Chapter from any other assets of the person who created the Gehan or executed the mortgage or hypothecatw.n. Explanatwn.-In th1s secuon, "court" means the C1y1l court havmg Junsdictwn to entertam a smt to enforce tr.c Gehan or mortgage "or hypothecatwn and w1thm the hmits of whose juris- diction the property sold 1s situate.