Amendment status not verified — confirm the current text below against the official source.
( 1 ) If ;lny iil taJnl:t~r paynblc u11dl:r :I mortgage when to be cxccutcd jq fd\ O U I of 1 I>1 1m11.y Iil~ld (Ii\~~loprnc~~t made. bank] or any p t r I or .u:i~ rr~jialn~tn~ has rc-maincd illlp'iid for m )rc than orlc m 1t1t11 from 1112 d-itc 011 wllicll ~t fell dtic., the ci7nlmiltcc may, i l l addrtion lo any otll:l- renl:cty availablz lo tllc b:lnk, ;lpply to tllc Rcg~strnr or 10 x!ty pct\,>11 ;~ppoi~ltcd by thc '[State Go\/?; nrn:llt] irlltl r .:c!,~.:l .> of the MatIra\ Co-c>pcr.a- hl,idras - - - - --- -- 1 The words " 1'1 ovrnc~al G ~ C I i\ri~cnt " ncrc c.t~l-rst~t~~tcd for the words " f;ociil Govc~.nmcnt" by tho Ad4iptation Order of 1937 rind tllc:w~)rd St:~(c "w.i\ subbtifutcd lor" lJrovlnc~,~l *' by thc Ad,ipl,,. tion Order of 1950. a Th~s expression w n ~ sub\r~tutctl for thc cxlirc\slon "rnortgct2c bank '' by wtion 4 of thc Tdrnrl N.rdu C~-O?CC.LI~VC L n ~ d Mortgage Banks (Amendfncnt) Act, 1969 (T,tnirl N ~ d u Acl 14 of 1969). * See II& ,tlx famil Nadu Co-opcrcltivo Societies Act, 15-61 Tamil Nadu Act 53 of 19611, \ -------- - 1934 : T.N. Act XI Co-operatiue W Development Bunks / Central Act IV of 18SZ recovery of such instalment, or part by distraint and sale of the produce of the mortgaged land including the standing crops thereon. On receipt of such appli- cation, the Registrar or such person may, notwith- standing anything contained in the Transfer of Pro- perty Act, 1882, take such action as is necessary to distrain and sell such produce : Provided thar no distraint shall be made after he expiry of twelve months from the date on which zhc instalment fell due. (2) The distress shall not be excessive ; the value of the property distrained shall be as nearly as possible, lequal to the amount due and the expenses of the dis- 'traint and the cost of the sale.