State Act

THE KARNATAKA CO-OPERATIVE SOCIETIES ACT, 1959.

88. Distraint - When to be made.- (1) If any instalment payable under a mortgage executed in favour of an 1[Agriculture and Rural Development Bank]1 or any part of such instalment has remained unpaid for more than one month from the date on which it fell due, the *board* may, in addition to any other remedy available to the Bank, apply to the Registrar for the recovery of such installment 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 may, notwithstanding anything contained in the Transfer of Property Act, 1882, (Central Act IV of 1882) take action in the manner prescribed for the purpose of distraining and selling such produce: Provided that no distraint shall be made after the expiry of 1[thirty six months]1 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 costs of the sale.