Amendment status not verified — confirm the current text below against the official source.
(1) If any sum due as an instalment or part of an instalment payable under mortgage in favour of a co-operative land development bank, central co-operative bank or primary co-operative credit society has remained unpaid for more than one month from the date on which it fell due, the bank or the society, as the case may be, may, in addition to any other remedy available to it, apply to the Registrar for the recovery of such sum by distraint and sale of not more than half the produce of the mortgaged land, including the standing crops thereon. (2) Upon receipt of such application, and notwithstanding anything contained in the Transfer of Property Act, 1882, the Registrar may, subject to the provisions of this Act and the rules, take such action as is necessary to distrain and sell such produce or such portion of it as he thinks fit: Provided that the value of the property to be di strained and sold shall be equal, as nearly as possible, to the aggregate of the sum due to the co-operative land development bank, central co-operative bank or primary co-operative credit society, as the case may be, and the costs of the distraint and sale. (3) No distraint shall be made under this section after the expiry of a period of three years from the date on which the instalment fell due.