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Section 18: Sale of property dtStraint

The Kerala State Co-operative Agricultural Development Banks Act, 1984 (Act 20 of 1984)State Act of Kerala · Act 20 of 1984

(1) If, w1thin fifteen days from the date of service of the demand referred to in section 17, the defaulter does not pay the amount for · whieh the distraint was effected, the distrainer may sell m auction the distramed property or such part thereof as may, m his opinion, be necessary tr, satisfy ' the demand together with the expenses of the distraint and the costs of the sale.

(2) From the proceeds of such sale, a deduction shall be made at such rate as may be fixed by the Registrar from time to tlme on account of the costs of the sale .

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(3) From the balance shall be deducted the expenses mcurred by the distrainer on account of the d1straint.

(4) The remainder, 1f any, shall be applied to the discharge of the amount for which the distramt was made.

(5) The surplus, if any, shall be delivered to the person whose property has been sold and he shall be given a receipt for the amount discharged from the proceeds of the sale.

CHAPTER V SALE OF PROPERTY WITHOUT INTERVENTION OF COURT

Where this provision sits

ActThe Kerala State Co-operative Agricultural Development Banks Act, 1984 (Act 20 of 1984)
Section18
Marginal noteSale of property dtStraint
JurisdictionState of Kerala
StatusIn force as published by the source

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