Amendment status not verified — confirm the current text below against the official source.
(1) If any installment payable under a mortgage executed in favour of a co-operative land development bank, or any part of such installment, has remained unpaid for more Power of Co-operative Land Development Bank where mortgaged property is destroyed or security be comes insufficient. Right of Co-operative Land Development Bank to buy mortgaged property. 43 of 1960 Recovery of loans by Co- operative Land Development Bank Power of distrain 4 of 1882 Sale of mortgaged property 4 of 1882 68 than two months from the date on which it fell due, the committee of such bank may, in addition to any other remedy available to the bank, apply to the Registrar or the Collector for the recovery of such installments or part thereof by distrait and sale of the produce of the mortgaged land, including the standing crops thereon. (2) On receipt of such application, the Registrar or the Collector, as the case may be, may, notwithstanding anything contained in the Transfer of Property Act, 1882 take action in the manner prescribed for the purpose of distaining and selling such produce ; Provided that no distrait shall be made after the expiry of twelve months from the date on which the installment fell due. (3) The value of the property distained shall, as nearly as possible, be equal to the amount due and the expenses of the distrait and the cost of the sale.