(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 three months from the date on which it fell due, the committee of such Bank may, in addition to any other remedy available to the Bank, apply to the Registrar or the Collector for the recovery of such instalments or part thereof, 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 Collector, as the case may be, may, notwithstanding anything contained in the Transfer of Property Act, 1882 (Central Act 4 of 1882), take action in the prescribed manner 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, as nearly as possible, be equal to the amount due, the expenses of the distraint and the cost of the sale.