Amendment status not verified — confirm the current text below against the official source.
(1) The Registrar shall, in making a sale absolute by an order under section 106, direct that the sale-proceeds shall be applied as follows:— First, there shall be paid to the co-operative land development bank, central co-operative bank or the apex housig society, as the case may be, at the prescribed rate, all costs, charges and expenses properly incurred by the bank or the society, as the case may be, or the Sale Officer incidental to the sale or any attempted sale; Secondly, there shall be paid to the bank or the society, as the case may be, all interest due on account of the mortgage inconsequence whereof the mortgaged property was sold; Thirdly, there shall be paid to the bank or the society, as the case may be, all sums due as principal on account of the mortgage; and Fourthly, the residue, if any, thereafter remaining, shall be paid to the mortgagor. (2) All payments of such residue made in accordance with sub- section (1) shall be valid and effectual against any demand relating thereto made upon the bank or the society, as the case may be, by the mortgagor or by any other person.