Amendment status not verified — confirm the current text below against the official source.
Distraint when to be made.—(1) If any instalment payable under a mortgage executed in favour of an Agriculture and Rural Development Bank CO-OPERATIVE SOCITIES ACT, 1989. 107 or any part of such instalment has remained unpaid for more than one month from the date on which it fell due, the committee may in addition to any other remedy available to the Bank, apply to the Registrar for recovery of such instalment or part thereof by distraint and sale of the produce of the mortgaged land including the standing crops thereon. (2) On receipt of such application the Registrar or such person may, notwithstanding anything contained in the Transfer of Property Act, Samvat 1977, take action in the manner prescribed for the purpose of distraining and selling such produce : Provided that no distraint shall be made after the expiry of twelve months from the date on which the instalment fell due. (3) 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.