(1) If any instalment payable under a, mortgage executed in favour of a Land Development Bank, or any part of such instalment, has remained unpaid for more than one month from the date on which it fell due, the Board of such bank may, in addition to any other remedy aVailable to the Bank, apply to the Registrar or the Revenue Officer for the recOVery of such instalment or part. thereof by distraint and sale of the product of the mortgaged land, including the standing crops thereon.
(2) On receipt of such application, the Registrar or the Revenue Officer as the case may be, may, notwithstanding contained in the Transfer of Property Act. 1882, take action in the manner prescribed for the purpose of distreining and selling such produce :
Provided that, no distraint Shall be made after the expiry of three years from the date on Which the instalment fell due.
(3) The value of the property dietrained shall as nearly as possible, be equal to the amount due and the expenses of the distraint and the cost of the sale.