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Section 16

The Tamil Nadu Co-Operative Land Development Banks Act, 1934State Act of Tamil Nadu · Act 10 of 1934

(1) The proceeds of every sale under this Distribution Chapter shall be applied by the sale officer, first in ti :::yeeds payment of all costs, charges and expenses properly incurred by him as incident to the sale or any attempted sale ; secondly, in payment of all interest due on account of the mortgage in consequence whereof the mortgaged property was sold ; thirdly, in payment of the principal money due on account of the mortgage ;

and lastly, the residue, if any, shall be paid to the person proving hifnself interested in the property sold, or if there are more such persons than one, then to such persons according to their respective interests therein or upon their jojnt receipt,

(2) (a) Any person dissatisfied with the decision of the sale officer in regard to the distribution of such residue may, within thirty days of the communication to him of such decision, institute a suit in a Court to establish the right he claims.

(6) The sale officer shall not distribute such residue until thirty days have elapsed from the communication of his decision to all tile persons concerr~ed or. i f a suit has been instituted within the said period of thirty days by any such person, irntil the suit is disposed of or otherwise than in, ;iccordancc with the decision of tho Court lhcrein.

Explunatio?~.-11 this sub-section ' Court ' ~ n e a ~ s the Civil Court which would have jurisdiction to cntertail1 a suit to enforce the niortgitge and within thelimits of whose jurisdiction the property wld is cituated.

17. Where n snlc o f mortgagcd property has be- Certificate to come absolute, the sale officer shall grant a certificate ~""C"aFero specifyit~g the property sold and the name of the person who at the time of the sale is declared to bc the PLW- chaser. Such certificrtc shall bcnr tiate, the day o n which the sale became ahsolute.

Where this provision sits

ActThe Tamil Nadu Co-Operative Land Development Banks Act, 1934
Section16
JurisdictionState of Tamil Nadu
StatusIn force as published by the source

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