Amendment status not verified — confirm the current text below against the official source.
The proceeds of any distraint and sale under section 120 shall be applied as follows: (1) First, there shall be paid to the Co-operative agriculture and rural development bank or the Central Co-operative bank or the primary Co-operative credit society, as the case may be, at the prescribed rate— (a) the costs of the sale; and (b) the other expenses incurred on account of the distraint. (2) Secondly, there shall be paid to the bank or the Co-operative society, as the case may be, the amount for which the distraint was made and there shall be given to the person whose property has been sold a receipt for the amount so paid. (3) Thirdly, the residue, if any, shall be paid to the person whose property has been sold.