Amendment status not verified — confirm the current text below against the official source.
The proceeds of every sale under this Chapter shall be applied by the Sale Officer— == apisteihution of Sale proceeds, Firstly, in payment of all costs, charges and expenses properly incurred ed by him as incidental to the sale or any atienipicd sale; Seconds. in payment of all ingesst.duc.on account of the Igan-i iniconsequence whetrof’ the property was sald: Co . Thirdly, in payment of the principal amount of the Joan; ; n 4 «Fourthly. in payment to any creditor of the Ioanee who has. in a suit for ‘the sinisration "al his estate, obtained a decree for Sale of the property te which the Security relates: - and 4 aay Se property: wid er, if: thore’ are rtore.such- persons. haaitone, then to: suet persons, “according to their respective interest therein-or upon: theis-jodt. teceipli- Provided that the sale officer-shall not distribute such residue until thitty days have etapsed fram the date of communication of his decision, to-all the persons concerned... fm 3 . 20, Wy Whens a ‘sale of property fas hecowme absolute and: the sale proceeds have teen received Grant of Sule il full by the sale olficer, he shall Scan a certificate: lo the purchaser i in, such for ag May be. Certificate, - prescribed specifying the property sald, the salle price, ihe date of the sale, ihe. name. of the person whe af Lhe time of the sale is declared ta be the purchaser, and the date on which the sale became. absolute. : (21 Upon production of such @ certificate in respect of immovable property the Sub-Regisirar coaverned shall eater the contents of such certificate i in his register relating 10 immovable property, “y Upon production of such a cenificate in respect of landed property, he land record entries shatl be duty mutated by the revenue outhorily concemed. AL. A the property sold is in decupation of the loanee or af some person on his behalf or of Possession’ of SEINE PERSOI clauning under @ title creaied by the loanee subsequent to the offering security in favour Property. ub the State Development Bank an a- District Development Bank and the certificate in respect there- aif has heen gfanied ndét section 30° the Colfectot shall: Gi thé: application of the burch prt ‘ith ecany Person authorised i in this behall. in possession of the Property. no: