Amendment status not verified — confirm the current text below against the official source.
(1) If any installment payable under a Gehan created or mortgage or hypothecation executed in favour of the [Agricultural and Rural Development Bank] or a primary bank or any part of such installment has remained unpaid for more than one month from the date on which it fell due, the Board or the committee may, in addition to any other remedy available to it, apply to the Registrar or to any sale officer appointed by the Registrar under section 28 for the recovery of such installment or part thereof by distraint and sale of the produce of the land [raw materials, work in process or finished goods] to which the Gehan or the mortgage or hypothecation relates, including the standing crops thereon and other movable property of the defaulter. (2) On receipt of an application under sub section (1), the sale officer may, Notwithstanding anything contained in the Kerala Co-operative Societies Act, 1969 (21 of 1969), take such action as is necessary to distrain and sell the produce and other movable property: Provided that no distraint shall be made after the expiry of thirty-six months from the date on which the installment fell due. (3) The distraint shall not be excessive and the value of the property distrained shall be, as nearly as possible, equal to the amount due and the expenses of the distraint and the costs of the sale. Substituted by Act 19 of 1990 for "Agricultural Development Bank". Inserted by Act 19 of 1990.