(1) When a debtor tenders to a money-lender any amount on account of any interest due on a loan or on account of the principal of a loan and the money-lender refuses to accept such amount or to grant a receipt for the same, the debtor may deposit such amount in the court (in which the money-lender might have instituted a suit for the recovery of the loan) to the credit of the money-lender.
Deposit In i_ourt of money due to moneylender.
(2) The court shall thereupon grant a receipt for the deposit under its seal and shall cause a written notice of the deposit to be served on the money-lender.
(3) A receipt granted by the court under sub-section (2), shall operate as an acquittance for the amount deposited as aforesaid in the same manner and to the same extent as if that amount had been received by the money-lender to whose credit the deposit was made, on the date of such deposit.
(4) The money-lender may, at any time within three years after the date of service upon him of the notice referred to in sub-section
(2), make an application to the court praying that the amount deposited as aforesaid be paid to him, and the court may thereupon order such amount to be paid to the applicant on such terms and conditions as may be specified in the order.
Sue. 1] THE GAZETTE OF INDIA EXTRAORDINARY 447
(5) If no application is made under sub-section (4) within the period mentioned in that sub-section, the amount deposited shall be disposed of in such manner as may be prescribed.
25. Notwithstanding anything contained in any law for the time bong in force, no court shall order execution of a decree passed in any suit for the recovery of a loan by arrest and detention in prison of the iudement-debtor.
Prohibition of execution of decree by arrest and detention in priBon.