(1) If any instalment payable under mortgage executed in favour of 1 [the Central Mortagage Bank or] a Mortgage Bank or any part of such instalment has remained unpaid for more than one month from the date on which it fell due, the 2 [Board or the] Committee may in addition to any other remedy available to the 3 [Central Mortgage Bank or the] said Mortgage Bank, apply to the Registrar or to such person as the State Government may appoint in this behalf for the recovery of such instalment or part by distraint and sale of the produce of the mortgaged land including the standing crops thereon.
(2) On receipt of such application the Registrar or the person as the State Government may appoint in this behalf may, notwithstanding anything contained in the Transfer of Prooerty Act, 1882, take action in the manner as prescribed for the purpose of distraining and selling such produce :
Provided that no distraint shall be made after the expiry of twelve months from the date on which the instalment fell due.
(3) The value of the property distrained shall be, as nearly as possible, equal to the amount due and the expenses of the distraint and the cost of the sale.
Act IV of
1882.
Distraint how to be effected.