15. Distraint when to be made. - (1) If any instalment payable under a mortgage executed in favour of a 1[Gram Vikas Bank] or any part of such instalment 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 instalment 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 authorised 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 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 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.
(2) On receipt of such application, the registrar or any other person authorised 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 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 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.
Source footnotes
1. Subs. by U.P. Act No. 19 of 1994आगे पढ़ें / Continue reading
Explore the next section or browse this act in the selected language.
Next · Section 16Power of sale when to be exercised →All sections / सभी धाराएँThe U P Sahkari Gram Vikas Bank Act 1964 →
More sections of this act
Section 1 · Short title, extent and commencementSection 2 · DefinitionsSection 3 · Number of Gram Vikas BanksSection 4 · Appointment of Trustee and his powers and functionsSection 5 · Trustee to be a Corporation SoleSection 6 · Issue of debentures by the BoardSection 7 · Vesting of property in Trustee and Debenture -holders charge on the assetsSection 8 · Guarantee by State Government of Principal and interest of the money to be borrowed by means of debentures or otherwiseIndia Code, Government of India. Text fetched 16 Oct 2026. Source metadata reports last modification: 2024-03-15. Check the linked official text and subsequent notifications when applying a provision.