State Act

THE UTTAR PRADESH SAHAKARI GRM VIKAS BANK ACT, 1964

15. (1) If any installment payable under a mortgage executed in favour of a [Gram Vikas Bank]5 or any part of such installment remains unpaid for more than one month from the date on which it falls due, the managing committee may, in addition to any other remedy available to the said 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 or any other person authorized by him in this behalf in writing may, notwithstanding anything contained in the Transfer of Property Act, 1882, take action in the manner prescribed for the purpose of distaining and selling such produce : Provided that no distraint shall be made after the expiry of twelve months from the date on which the installment fell due. (3) The value of the property distrained shall, as nearly as possible, be equal to the total of the amount due, the expenses of the distraint and the costs of the sale and also the amount due on a prior charge, if any, on the property distrained.